Posted on: 02nd Feb, 2009 05:41 pm
sorry about the vague question.
my father and his friends invested in a small business decades ago. they didn't have enough money for it, so my father puts the house down on it for $40,000 ( sorry if i'm wording this all wrong. i really don't know much about the field.)
the business goes bankrupt. the original seller is nowhere to be found. my father's friends take off and leave him helpless.
so dad wants to refinance but he can't because the original seller's name is still on the deed/mortgage? we've no way of tracking the person and he probably isn't very intent on contacting us to see how the business is going.
does anyone have any suggestions? dealt with a similar problem?
thanks!
- chris
my father and his friends invested in a small business decades ago. they didn't have enough money for it, so my father puts the house down on it for $40,000 ( sorry if i'm wording this all wrong. i really don't know much about the field.)
the business goes bankrupt. the original seller is nowhere to be found. my father's friends take off and leave him helpless.
so dad wants to refinance but he can't because the original seller's name is still on the deed/mortgage? we've no way of tracking the person and he probably isn't very intent on contacting us to see how the business is going.
does anyone have any suggestions? dealt with a similar problem?
thanks!
- chris
Hi !!
To answer your query, I need to know if the sellers name is on the deed or the mortgage? Considering the situation that you have tried to portray through your post, I think its on the deed. In that case, I dont understand how the lender came to approve the mortgage worth $40,000 in the absence of the original seller i.e. the original owner of the house.
In these circumstances, since you say that the original seller cannot be traced, I think, the best option you have is to consult an attorney or the lender you want to refinance the property with. They, Im sure, can provide with a useful solution.
Im sure once youre able to refinance, the business will start to get going and itll bring you rich dividends.All the best.
Take care & be happy.
God bless you.
To answer your query, I need to know if the sellers name is on the deed or the mortgage? Considering the situation that you have tried to portray through your post, I think its on the deed. In that case, I dont understand how the lender came to approve the mortgage worth $40,000 in the absence of the original seller i.e. the original owner of the house.
In these circumstances, since you say that the original seller cannot be traced, I think, the best option you have is to consult an attorney or the lender you want to refinance the property with. They, Im sure, can provide with a useful solution.
Im sure once youre able to refinance, the business will start to get going and itll bring you rich dividends.All the best.
Take care & be happy.
God bless you.