Owner finance completed, what next?

[jjconfused]

What is the name of your state? Texas
I owner financed a home in 1997, it should be be paid off at the end of this month. I assumed the title company that handled the closing would contact someone, but far no one has heard or received a thing, so what happens next? Do I have to file any papers, or do the people that have paid for the house? I thought the whole point of all the fees I paid at the closing was for the title company to do the work. Any answers would be appreciated ! Thanks, JJ

[HomeGuru]

Originally Posted by jjconfused

What is the name of your state? Texas
I owner financed a home in 1997, it should be be paid off at the end of this month. I assumed the title company that handled the closing would contact someone, but far no one has heard or received a thing, so what happens next? Do I have to file any papers, or do the people that have paid for the house? I thought the whole point of all the fees I paid at the closing was for the title company to do the work. Any answers would be appreciated ! Thanks, JJ

**A: apparently the title company only handled the closing of the initlal contract and was not hired to be the collection account or payoff contract closing escrow co. Open escrow.

[jjconfused]

Texas
And what do I have to do now? What forms and where do I file if I have too? Thanks for any info! JJ

[nextwife]

I've been in this business since 1979 and I've never once seen a title company keep in touch with the buyer/seller on a seller financed deal to fiNAL PAYMENT. The fees you paid were to get title searched at that time and get the deal closed.

Now, by seller financing, are you referring to the seller taking back the mortgage and financing you instead of you getting a conventional mortgage, or do you mean a Land Contract purchase?

If seller was the mortgage holder, then exchange your last payment for a mortgage satisfaction.

If a Land Contract, exchange your last payment for Deed in Satisfaction of the LC. I am presuming you got title insurance when you closed on the initial purchase and recorded your interest? Either an Owner's policy if it was a Seller mortgage or Vendee's policy if a Land Contract? Were all OTHER mortgages paid off and released at the first closing? If not, make certain the seller pays off any open mortgages.

[HomeGuru]

Originally Posted by jjconfused

Texas
And what do I have to do now? What forms and where do I file if I have too? Thanks for any info! JJ

**A: read the last sentence of my post. I quote "Open escrow"