Posted on: 28th Jan, 2009 01:37 pm
[font=Tahoma:b65b5baf43][/font:b65b5baf43][size=12:b65b5baf43][/size:b65b5baf43] We sold a home on Land Contract. Our buyers have fallen onto hardship and said they want to surrender the home back to us. What do we need to do to secure this return of the property?
Hi GrammaWendy!
Welcome to forums!
You can ask the buyers to sign a warranty deed or a quitclaim deed in your name in order to transfer the property to you. But if the mortgage is on the buyer's name, then I don't think, the lender will let them transfer the property to you as the lender will lose the collateral on which he has given a loan.
Sussane
Welcome to forums!
You can ask the buyers to sign a warranty deed or a quitclaim deed in your name in order to transfer the property to you. But if the mortgage is on the buyer's name, then I don't think, the lender will let them transfer the property to you as the lender will lose the collateral on which he has given a loan.
Sussane