owner financing

[dwl1963]

i purchased my home over 14 years ago from a family member via owner financing. a contract was drawn up by an attorney so all is legal. the original owner passed away a few years ago and the estate was left to another indiv. through a will. I have been trying to get the payoff for over two years and have been unsuccessful and i have not received my tax statements for several years. i do pay interest. i contacted the irs about the tax part but how do i go about getting the payoff.

 

[HomeGuru]

The payoff must come from the indivdual now holding the note. Because this is the person that needs to agree to the payoff and then sign the release or satisfaction of mortgage that needs to be recorded on title.

 

[Elvis]

Homeguru -
I'm not trying to being sarcastic - I have a real ?

Do you know if there is someway for DWL to find out what the payout is besides 'speaking' with the noteholder? My thoughts were that he/she could look at the original contract and determine how much was paid and then determine how much is still owed.

It seems like they should be able to calculate the payout based on what was owed and how much was paid regardless if the orignal not holder passed away.

What are your thoughts?

 

[ADBunting]

Elvis...look at the place that your responder "lives"...

However, it would seem logical that the paperwork regarding the probate et all would have been (should have been) presented to you.

If your initial paperwork specifically states that you can pay without penalty, then send a certified letter to the current trustees of the note requesting payoff amounts.

If you want to find out what the ballpark figure would be, Google mortgage amortization. Pick one, type in your rate, months and look up months remaining.

The taxes are a little disturbing. It wouldn't be through the IRS, it would be handled through your local Tax Accessors office. IRS handles employment and income. I suggest you contact them and find out exactly why you aren't/haven't been receiving property tax bills. If you were listed originally to receive the bills I can't imagine that changing.

This is important because there are unscrupulous ways to obtain legal rights to property by paying the taxes on them. The time frame, up to 10 + years I think I read, varies from state to state.

I have land tax issues at present regarding a seller so I've been researching the subject.

Hope this helps.

April

 

[nextwife]

You need to go to your municipality directly and make certain property taxes ARE being paid. If not, you need to pay them.