 | 
07-02-2006, 09:44 AM
| | Junior Member | | Join Date: Jul 2006
Posts: 1
| |  seller financed loan
What is the name of your state? nv
I owned some undeveloped acreage in NV which I sold to party A on a seller-held note. Party A sold the land to Party B, with whom I have no information. Payments are sent to an agency which then sends payments to my bank account. The payment is late this month. I contacted Party A who offered to put me in touch with Party B, claiming that he (A) has no connection to the land any longer because he sold it to B. I think A is still responsible to me for the payment. Who is responsible to make payments to me? If I need to foreclose, do I foreclose on Party A? Then, he needs to foreclose on Party B? HELP! |
07-02-2006, 09:50 AM
| | Senior Member | | Join Date: Aug 2005 Location: St. Odo of Cluny Parish
Posts: 27,482
| | Quote: |
Originally Posted by myjackkster What is the name of your state? nv
I owned some undeveloped acreage in NV which I sold to party A on a seller-held note. Party A sold the land to Party B, with whom I have no information. Payments are sent to an agency which then sends payments to my bank account. The payment is late this month. I contacted Party A who offered to put me in touch with Party B, claiming that he (A) has no connection to the land any longer because he sold it to B. I think A is still responsible to me for the payment. Who is responsible to make payments to me? If I need to foreclose, do I foreclose on Party A? Then, he needs to foreclose on Party B? HELP! | Q: Who is responsible to make payments to me?
A: That should've been answered in the financing documents you recorded in Nevada. In any event, foreclose on the property. If you have a deficiency, try going after both deadbeats.
For more specific answers, take your title policy (insuring you as a lender) and all recorded documents to a Nevada real estate lawyer.
__________________
My signature is not working.  |
07-02-2006, 10:06 PM
| | Senior Member | | Join Date: Jan 2003
Posts: 17,305
| | | THe loan SHOULD have been paid off when your buyer sold the place, unless the note or a later agreement with you permitted assignment of buyers interest without payoff. If it was sold, there shouldn't even be payments, in many cases, and depending upon the language, because, what was owed you should have been paid in full..
__________________
Adoptive parents ARE "real" parents. Sharing genes is not what makes you a "parent"!
Last edited by nextwife; 07-05-2006 at 07:36 AM.
|
07-04-2006, 03:41 PM
| | Member | | Join Date: Feb 2005 Location: Elgin, IL USA
Posts: 933
| | | Your contract is with A. What does that contract say will happen if A defaults or reassigns their rights to the property? Did you properly record a land contract with the county or whoever, so it shows up in a title search?
You have nothing to do with B unless you slipped up and their name shows up as owner in property records (whose name is on tax bills?).
Did you own the property free and clear? If you have a loan on the property and you reassigned your rights to collateral (the property) used for that loan, you might be on the hook for immediate payment of the balance. | |
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests) | | | | Thread Tools | | | | Display Modes | Rate This Thread |  Linear Mode | | 
Posting Rules
| You may not post new threads You may not post replies You may not post attachments You may not edit your posts
HTML code is Off | | | |
|
