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09-29-2005, 10:00 AM
| | Junior Member | | Join Date: Sep 2005
Posts: 7
| | | Owner financed mortgage via a Promisary note
What is the name of your state?What is the name of your state? Texas
We bought a home last year and the owner financed it for us with a contract and wrap around promisary note.The owner also has a mortgage on the property that she owes. My wife and I have since decided we would like to move and are wondering what, if anything she can do to us if we default on the home?  |
09-29-2005, 10:09 AM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,453
| | Quote: |
Originally Posted by cjrsktr What is the name of your state?What is the name of your state? Texas
We bought a home last year and the owner financed it for us with a contract and wrap around promisary note.The owner also has a mortgage on the property that she owes. My wife and I have since decided we would like to move and are wondering what, if anything she can do to us if we default on the home? |
**A: she can sue big time. |
09-29-2005, 10:18 AM
| | Junior Member | | Join Date: Sep 2005
Posts: 7
| | | Thanks, I was afraid of that. Do you have any suggestions for us? Can we resell the house since we don't hold the original title ? Obviously her bank holds our title but they don't know she has resold the home to us. If they found out she has resold it could they demand the note payable in full ? |
09-29-2005, 10:39 AM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,453
| | Quote: |
Originally Posted by cjrsktr Thanks, I was afraid of that. Do you have any suggestions for us?
**A: is your contract recorded on title?
*******
Can we resell the house since we don't hold the original title ?
**A: see above.
********
Obviously her bank holds our title but they don't know she has resold the home to us. If they found out she has resold it could they demand the note payable in full ? | **A: yes if her mortgage note contains a due on sale clause. |
09-29-2005, 11:03 AM
| | Junior Member | | Join Date: Sep 2005
Posts: 7
| | | Where would that leave me ? Can she force the note to me payable in full ? I have looked over my contract and promisary note thoroughly and don't see anything about "if her bank demands balance due". |
09-29-2005, 11:24 AM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,453
| | Quote: |
Originally Posted by cjrsktr Where would that leave me ? Can she force the note to me payable in full ? I have looked over my contract and promisary note thoroughly and don't see anything about "if her bank demands balance due". |
**A: why are you asking more questions when you have not even answered all of mine? Keep it up and you will not be getting any more help. |
09-29-2005, 01:48 PM
| | Junior Member | | Join Date: Sep 2005
Posts: 7
| | | Mr Guru:
I apologize for not answering your questions. I obviously either don't know how use these forums or have not seen your questions posted. Which question(s) are you referring to? I registered on this forum after being a long time visitor in hopes that I may get some help with my situation. I didn't join to be yelled at ! If you would put aside this misunderstanding I would still appreciate some advice from you. Please repost your question(s) and I'll do my best to answer them all.
Thx |
09-29-2005, 02:06 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,453
| | Quote: |
Originally Posted by cjrsktr Mr Guru:
I apologize for not answering your questions. I obviously either don't know how use these forums or have not seen your questions posted. Which question(s) are you referring to? I registered on this forum after being a long time visitor in hopes that I may get some help with my situation. I didn't join to be yelled at ! If you would put aside this misunderstanding I would still appreciate some advice from you. Please repost your question(s) and I'll do my best to answer them all.
Thx |
**A: read my post and look at my questions in the box. |
09-29-2005, 02:15 PM
| | Junior Member | | Join Date: Sep 2005
Posts: 7
| | Quote: |
Originally Posted by HomeGuru **A: read my post and look at my questions in the box. | I will look again at my documentation when I get home tonight but I do remember seeing the contract recorded on title. |
09-29-2005, 02:16 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,453
| | Quote: |
Originally Posted by cjrsktr I will look again at my documentation when I get home tonight but I do remember seeing the contract recorded on title. |
**A: if it is truly recorded, you have a better chance at selling the property. |
09-29-2005, 02:41 PM
| | Senior Member | | Join Date: Aug 2005 Location: St. Odo of Cluny Parish
Posts: 28,187
| | Quote: |
Originally Posted by HomeGuru **A: if it is truly recorded, you have a better chance at selling the property. | What if it was falsely recorded?
__________________
There are two rules for success:
(1) Never tell everything you know.
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09-29-2005, 02:52 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,453
| | Quote: |
Originally Posted by seniorjudge What if it was falsely recorded? |
**A: then the recording may be deemed void and voidable. | |
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