Assumption in Florida, Now buyers not paying.

[Minreg]

Hi,
My parents sold a house in a way that left their name on the title. Maybe thats called assumption? Now the people who bought the house are not making the payments. The house is vacant. Its been a few years since they sold it to them. Meanwhile, my parents have had their credit ruined because of this. They even have trouble getting a rental because of the credit problem. The mortgage company does not seem too forthcoming with info. Although they did say that the payments are continually behind.
I can see no good happening in this situation. The botom line is my parents would like to get the house back if they can, or stop the credit problem.
Can this be done?

Thanks for any info,
Greg Hrin
Florida

 

[HomeGuru]

It appears that your parents either sold the property by way of an installment contract or assunption of mortgage with no release.
It is their problem because legally they are still on the mortgage and even if the Buyer does not pay, they are still liable.
The need to hire an attorney to file foreclosure.

 

[Minreg]

"They need to hire an attorney to file foreclosure"

If they do that what will happen?
Thanks, Greg

 

[HomeGuru]

In a foreclosure action on an installment contract, the Plaintiff (you/Seller/Vendor) files to cancel the contract and regain possession of the property to status quo.
When the foreclosure is completed, the Buyers would be out of the picture and will deemed to no longer have a any rights or interest in the property.