Private mortgage after the fact..

[DKline83]

Hi all, I'm in Florida and my In-laws sold a piece of property to one of their children. They have a written agreement that they'll pay x amount and signed over the property. They are now not receiving payments against their daughters and my council they did not put a lien on the property. We where told that they could go back and still do a private mortgage... I am unable to see how that would be done since they wouldn't be interested in signing new documents... or would they have to be taken to court for it?

Any advice would be appreciated

 

[Zigner]

Hi all, I'm in Florida and my In-laws sold a piece of property to one of their children. They have a written agreement that they'll pay x amount and signed over the property. They are now not receiving payments against their daughters and my council they did not put a lien on the property. We where told that they could go back and still do a private mortgage... I am unable to see how that would be done since they wouldn't be interested in signing new documents... or would they have to be taken to court for it?

Any advice would be appreciated

I would suggest that they consult with a local real estate attorney.

 

[tranquility]

I agree a lien would probably not be able to be placed on the property at this time without agreement of the owners of the property. (I only say "probably" as it might depend on the wording of the loan.) Perhaps the holders of the note could forgo their right to sue immediately on the breach of payment in exchange for the owner's agreement to getting a lien on the property.