Posted on: 12th Jun, 2011 01:08 pm
In Texas, is it legal to owner finance a lot with a 1st lien? Owner gives his permission but I remain responsible for payments. I would like to use an unimproved property contract without the expense of a Deed of Trust. If this is not possible, would a land trust be permissable?
Hi wizardofozlalind!
Welcome to forums!
If there is already a loan on the property, then it's better to not owner finance that property. If the lender comes to know about it, then he would immediately call the loan due in full.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If there is already a loan on the property, then it's better to not owner finance that property. If the lender comes to know about it, then he would immediately call the loan due in full.
Feel free to ask if you've further queries.
Sussane