What is the name of your state? Texas
We are in a delimma. A year ago my mil sold her home and agreed to finance a portion of the selling price for the buyer. The majority was financed by a bank. Now the buyer is not paying and the bank is in the process of foreclosure, although, I don't think they have offically done it at this point.
We know nothing about the legal jargon on all this paper work, but at the time of closing we were assured that there was no way that she could lose her money by doing this. Now we are being told that unless the house auctions for more than what the bank wants out of it she will get nothing. It is not likely that the house will sell for as much, especially not more, than what the bank wants out of it.
If this is the case then the Warranty Deed w/Vendor's Lien, the Real Estate Lien Note, and the Second Lien Deed of Trust is not worth the paper it is written on.
Any advice on what she should do to recover what is owed her?
We are in a delimma. A year ago my mil sold her home and agreed to finance a portion of the selling price for the buyer. The majority was financed by a bank. Now the buyer is not paying and the bank is in the process of foreclosure, although, I don't think they have offically done it at this point.
We know nothing about the legal jargon on all this paper work, but at the time of closing we were assured that there was no way that she could lose her money by doing this. Now we are being told that unless the house auctions for more than what the bank wants out of it she will get nothing. It is not likely that the house will sell for as much, especially not more, than what the bank wants out of it.
If this is the case then the Warranty Deed w/Vendor's Lien, the Real Estate Lien Note, and the Second Lien Deed of Trust is not worth the paper it is written on.
Any advice on what she should do to recover what is owed her?