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11-07-2008, 02:55 PM
| | Junior Member | | Join Date: Nov 2008
Posts: 3
| | | Revoking a Bond for Title?
What is the name of your state (only U.S. law)? South Carolina.
We have a Bond for Title on a house that we own. The people do not pay on time plus they are behind $220.00. Is there a way that I can revoke the Bond for Title or does it have to be a foreclosure? Can I do this my self or do I have to hire an attorney?
The Bond for Title was done by our attorney so now she can't revoke it....so is there a way I can do it myself? |
11-07-2008, 03:01 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,453
| | Quote:
Originally Posted by Carolinagurle  What is the name of your state (only U.S. law)? South Carolina.
We have a Bond for Title on a house that we own. The people do not pay on time plus they are behind $220.00. Is there a way that I can revoke the Bond for Title or does it have to be a foreclosure? Can I do this my self or do I have to hire an attorney?
The Bond for Title was done by our attorney so now she can't revoke it....so is there a way I can do it myself? | **A: please expain the purpose and function of this so called bond. |
11-07-2008, 03:18 PM
| | Junior Member | | Join Date: Nov 2008
Posts: 3
| | | The Bond for title is on a home. The home was first rented to these people and then after 6 months, we signed a bond for title for the house. They are never on time and they still owe $220.00 for last months "mortgage".
They have until June of 2009 to pay $2,500.00 for the other half of the down payment. They have until June of 2010 to have the house financed in their names and to pay the Bond for Title off in full.
But since they are in default of the bond for title, can we revoke it or do we have to foreclose on it? and can we do that ourselves or do we need an attorney? |
11-07-2008, 04:31 PM
| | Senior Member | | Join Date: Feb 2007
Posts: 5,487
| | | HG: It's another name for contract for deed.
What your redress is depends on the terms of the contract. You should take it to a lawyer (hopefully you had one when this was drafted). |
11-07-2008, 05:10 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,453
| | Quote:
Originally Posted by FlyingRon HG: It's another name for contract for deed.
**A; yes I know that. My question was trying to get the OP to explain why they sold their property that way.
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What your redress is depends on the terms of the contract. You should take it to a lawyer (hopefully you had one when this was drafted). | **A: I agree. |
11-08-2008, 07:48 AM
| | Junior Member | | Join Date: Nov 2008
Posts: 3
| | | We sold the property that way because we tried to help people out who want to own their own home but need some good reports to get the property financed in their name. Most of the time, we sell the property to people who have little or no credit and by being able to finance it to them, when they go to get financed on their own, we can give them a good payment history...the problem is, these people don't have a good payment history.
I need to know if this would be a foreclosure? If so, is their anyway that I can foreclose it myself or do I need an attorney? |
11-08-2008, 12:34 PM
| | Senior Member | | Join Date: May 2000 Location: Catatonic State
Posts: 71,453
| | Quote:
Originally Posted by Carolinagurle We sold the property that way because we tried to help people out who want to own their own home but need some good reports to get the property financed in their name. Most of the time, we sell the property to people who have little or no credit and by being able to finance it to them, when they go to get financed on their own, we can give them a good payment history...the problem is, these people don't have a good payment history.
I need to know if this would be a foreclosure? If so, is their anyway that I can foreclose it myself or do I need an attorney? | **A: did you not read the post by FR? | |
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