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I think jackmichigan has it. I think this was what was called a land contract. Some people think it's okay if the new "buyer" assumes the loan without telling the lender as long as the loan is being paid. But the lender doesn't think that. There can eventually be the time when their "checkers" get around to finding out what transpired and then the lender comes calling.
There may also have been some sort of fraud in getting efrain941 to think this was all going to be okay.
You need a very good attorney who will handle this quickly and not drag it out, find the other guy, decipher what's going on.
Efrain941, when you reply please use paragraphs since this is hard to decipher with so many facts in here.
I was under the impression that when I sold the property that the amount owned to the mortgage company was going to be paid by the new owner, but I was wrong.
Never assume anything. You made a serious mistake and now it's time to fix it. Good luck.
I don't know what you did, but you should have used a real estate broker to do the transaction.
Attorney time. Definitely and ASAP, and take every document you have regarding the transaction with you.
Sounds like a sketchy "We Buy Houses" deal off a bandit sign.
Sounds to me like the current resident should find financing quickly and pay off the note, or expect to have the place foreclosed with eviction.
So, either he pays it off or he loses his residence, and you take a credit ding.
It was once common courtesy to disguise the actual sales price from neighbors with the dummy consideration phrase in the title since the deed is public record. if the true price was on the deed, then everyone could easily find out what you paid and gauge your financial stature, with or without your consent.
It was once common courtesy to disguise the actual sales price from neighbors with the dummy consideration phrase in the title since the deed is public record. if the true price was on the deed, then everyone could easily find out what you paid and gauge your financial stature, with or without your consent.
Good to know. I never knew that.
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