Posted on: 03rd Jan, 2010 09:04 am
I am currently doing a contract for deed, and I still owe 22 thousand, but would like to get a home loan to pay it off, is this possible or is it even feasible?
Hi elbarrio,
You are planning to sell off the property though a contract for deed. This deed does not bestow a property title on the intended buyer and you would still be considered as the owner of the property. Thus, you can apply for a mortgage on this property. However, as you would be ultimately selling off the property to someone else, that person will want you to clear off the lien before he/she takes over the property. So, I don't think it would be a good option to go for the loan.
Thanks
You are planning to sell off the property though a contract for deed. This deed does not bestow a property title on the intended buyer and you would still be considered as the owner of the property. Thus, you can apply for a mortgage on this property. However, as you would be ultimately selling off the property to someone else, that person will want you to clear off the lien before he/she takes over the property. So, I don't think it would be a good option to go for the loan.
Thanks
You might be right, think I'll just stay where I am at on this contract. I actually wanted to get a mortgage to maybe lower the payments so that I could invest more in fixing this place up, it really needs some work. I paid 25 thousand down on it, which was half of the purchase price, now I wish I had just bought another small place and paid cash. This is a triplex and I have renters, however, renters that slack on rent or just don't pay, this started as soon as I took over as landlady. I do live in one of the apartments.
daughter inlaw and son divorcing, son out of home. daughter inlaw living in home with boy friend. they owe me 23,000 grandma 23,000 for down payment on home they paid 240.00 amonth for 1 year and never paid again. then hit another grandma up for 10,000 for back taxes. and never paided back. daughter inlaw says this is her home and doesn't owe anything, because the loan is in here name. because son had bad credit.
do we have a claim here, and if so would it be three different leins. please advise of our rights.
do we have a claim here, and if so would it be three different leins. please advise of our rights.
what you'll need to do is to devise a demand letter, requesting immediate payment of the loan(s). in that letter, you'd have to state a specific date and a result of non-payment: a lawsuit. you're going to have to take this to superior court, so an attorney is going to be required so you can get your documentation straight.
you'll need proof of the transactions, and proof of their partial payments (bank records). eventually, by winning the lawsuit, you'd be able to place a lien or liens on the property, thereby ensuring (we hope) that you'll get paid what is owed.
you'll need proof of the transactions, and proof of their partial payments (bank records). eventually, by winning the lawsuit, you'd be able to place a lien or liens on the property, thereby ensuring (we hope) that you'll get paid what is owed.
