Posted on: 08th Jul, 2010 01:04 pm
we bought an assisted living facility business but with owners financing type, is it possible for the owner to refinance the property at the bank in the future? if it is, then will our remaining balance go up (purchase value minus downpayment)? because the new bank mortgage value.
Hi intelligenic!
Welcome to forums!
I don't think the seller will be able to refinance the mortgage once he or she has signed an owner financing contract with you. In case such a situation happens, I don't think you would be liable for paying anything extra. You have signed the owner financing contract with the seller and that will remain effective.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I don't think the seller will be able to refinance the mortgage once he or she has signed an owner financing contract with you. In case such a situation happens, I don't think you would be liable for paying anything extra. You have signed the owner financing contract with the seller and that will remain effective.
Feel free to ask if you've further queries.
Sussane