Posted on: 02nd Feb, 2013 12:53 am
A family member loaned me the money to buy my house. We did it all on the up and up with a lawyer and the mortgage is set up just like it would be with a bank, etc. The personal relationship has since gone south. Can this person take my house back out of spite? So long as I never make a late payment, keep the taxes and ins up to date are we pretty safe? I know they could sell the mortgage to a bank, but the terms would have to remain the same, correct? That is what the lawyer told me. I just tend not to trust them, so I want to make sure. A friend told us last night that if the mortgage got sold to a bank they could just change the terms and take our house. Is that true? Any thoughts on this would be greatly appreciated.
Hi zqr2hy,
If you're paying off the loan on time, then he/she can't take away the property out of spite. If you're not paying the mortgage, then he can take the property.
If you're paying off the loan on time, then he/she can't take away the property out of spite. If you're not paying the mortgage, then he can take the property.
Hi zqr2hy!
Welcome to forums!
As far as I know, if the loan is sold off to a bank, then the term should remain the same. Only the payments should go to the bank.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as I know, if the loan is sold off to a bank, then the term should remain the same. Only the payments should go to the bank.
Feel free to ask if you've further queries.
Sussane