Posted on: 13th Sep, 2010 06:20 pm
The couple is putting down a small payment and paing off in 5 years at 5%.If agreemrnt is defaulted the property returns to the original owner who is carring the papers
Hi mrsjudyjuju!
Welcome to forums!
You'll have to contact an attorney and draft an agreement regarding the owner finance. The agreement will include all the terms and conditions of the financing and will also include the clause regarding mortgage payment default. If the couple defaults the loan payments, you can take actions against them as per the agreement.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You'll have to contact an attorney and draft an agreement regarding the owner finance. The agreement will include all the terms and conditions of the financing and will also include the clause regarding mortgage payment default. If the couple defaults the loan payments, you can take actions against them as per the agreement.
Feel free to ask if you've further queries.
Sussane