Posted on: 11th Jan, 2009 12:05 pm
If you are buying a home with owner financing, the seller is quite claim deeding it to you,
Would they then go and put a lien on it until the mortgage is paid in full or either refinanced through tradtional methods?
Is that how that would work?
Would they then go and put a lien on it until the mortgage is paid in full or either refinanced through tradtional methods?
Is that how that would work?
Hi,
Are you asking whether the bank could go and put a lien till the mortgage is paid off? well, I guess, the bank shouldn't put a lien if the mortgage payments are made by the seller at regular intervals.
Since there's an owner financing contract involved here, the seller should take permission from the lender before transferring the property to you. This is because a transfer or sale of property could make the loan due as per the terms and conditions mentioned in the loan doc.
Take Care
Are you asking whether the bank could go and put a lien till the mortgage is paid off? well, I guess, the bank shouldn't put a lien if the mortgage payments are made by the seller at regular intervals.
Since there's an owner financing contract involved here, the seller should take permission from the lender before transferring the property to you. This is because a transfer or sale of property could make the loan due as per the terms and conditions mentioned in the loan doc.
Take Care