Contract Sale

[king james]

What is the name of your state (only U.S. law)? Indiana Can I buy a home on Contract if the owner still is paying a mortgaga company?

[HomeGuru]

Originally Posted by king james

What is the name of your state (only U.S. law)? Indiana Can I buy a home on Contract if the owner still is paying a mortgaga company?

**A: yes but make sure the owner is current on the mortgage, real property taxes, etc. the property has no liens, and there is no due on sale clause in the mortgage.

[efflandt]

Besides what HomeGuru says, it should really be done in cooperation with the seller's lender and the contract should be recorded with the county. Otherwise if you pay the seller and the seller does not pay their mortgage, their lender could still foreclose.

I have bought land on contract before from someone who bought property from estate sales. The land contract was recorded with the county and my payments went to his bank (not him).

However I neglected to hire an attorney when I bought, and had some easement issues with one of the properties that I was not aware of until I hired an attorney while selling it 12 years later.

[king james]

Thanks the info is helpful in trying to put this together. The owner seems to be fed up with the hassel of this property. We have always payed on time and even made improvements to the home and property, and did not ask for any monies in return. Maybe not to smart on our part? I also looked into Reverse Mortgage? That also has its options. I guess just this last week You can now use this to purchase a home. Whats your take on the Reverse Mortgage?
Thanks

[HomeGuru]

Originally Posted by king james

Thanks the info is helpful in trying to put this together. The owner seems to be fed up with the hassel of this property. We have always payed on time and even made improvements to the home and property, and did not ask for any monies in return. Maybe not to smart on our part? I also looked into Reverse Mortgage? That also has its options. I guess just this last week You can now use this to purchase a home. Whats your take on the Reverse Mortgage?
Thanks

**A: you better to more research.