W
wolf518
Guest
I am buying my house landcontract. The party I am buy my house from has a mortgage from a private individual against the property. I found that he is in arrears on his payments and has not maintained insurance on this property( he wrote my landcontract where I was only responsible to carry ins. for one year in the name of the original lein holder,I did so)They do not want to go through foreclosure on him for fear of retaliation, so I have offered to purchase thier mortgage and they agreed. Now I will be the mortgage holder of this property that I am also a landcontract holder of. I think I will only file foreclosure for not maintaining ins. on the property and not for late payments, or should I or can I legally file on both counts, and how long does a foreclosure usually take? OH, there is no provisition one way or the other in the original mortgage papers as to whether the mortgage could be transferred or not. What are some of the legal points from my stand point if I become the mortgage holder and also have a landcontract in progress already on the same property? This is to good a deal to pass up, if it is legal. I can feasibly end up with two properties for under $22,000.00 after foreclosure. He has made no effort to make his payments for 6-months, on either property.
Elkhart, Indiana
Elkhart, Indiana