What is the name of your state? Oklahoma
My mother owns a few pieces of rental property. She recently sold one of the homes to a man, and she is carrying the loan herself. No banks involved. He's a tattoo artist and a biker. The other day, a woman that knows my mother, called her up and told her that she was driving by my mother's old house, and she recognized the cars parked in the driveway, and out in the front of the house. She said that she used to live next door to these people, and that they were most likely going to be cooking meth in there or distributing it from there. One or the other. My mother is blind, and she's unsure as to what she should do. Now, where I live, in California, if a house gets raided, the owner is notified that the tenants have been arrested for drug crimes. If the owner doesn't evict those tenants, and they end up getting raided again, the property can be seized by the government. But, I don't know how it works in OK. And these aren't her tenants. They are technically, the new owners. My mother just carries the note on the house. So, here's what I'd like to know. If the owner of a home has it seized, and the bank carries the loan, does the owner still have to make the house payments even though he no longer has the house? Or does the bank have to take the loss, or does the government pay off the loan to satisfy the bank? What if the old owner carries the loan themselves? What happens then?
My mother owns a few pieces of rental property. She recently sold one of the homes to a man, and she is carrying the loan herself. No banks involved. He's a tattoo artist and a biker. The other day, a woman that knows my mother, called her up and told her that she was driving by my mother's old house, and she recognized the cars parked in the driveway, and out in the front of the house. She said that she used to live next door to these people, and that they were most likely going to be cooking meth in there or distributing it from there. One or the other. My mother is blind, and she's unsure as to what she should do. Now, where I live, in California, if a house gets raided, the owner is notified that the tenants have been arrested for drug crimes. If the owner doesn't evict those tenants, and they end up getting raided again, the property can be seized by the government. But, I don't know how it works in OK. And these aren't her tenants. They are technically, the new owners. My mother just carries the note on the house. So, here's what I'd like to know. If the owner of a home has it seized, and the bank carries the loan, does the owner still have to make the house payments even though he no longer has the house? Or does the bank have to take the loss, or does the government pay off the loan to satisfy the bank? What if the old owner carries the loan themselves? What happens then?