Deed /Mortgage Transfer

jharkins · Joined: 05 Apr 2006 Posts: 1 0.08 Dollars($)

I owner-financed a house 10 years ago and the buyer has disappeared recently, but the person who has been living in the house wants to assume responsibility for the mortgage. How do we legally handle since original owner is not to be found! State is Georgia.

blue · Posted: Wed Apr 05, 2006 1:22 pm Post subject:

Hi,

I am a little confused. You said that the buyer has disappeared and again mentioned that the person living in the house wants to assume responsibility.

Can you kindly elaborate a little on it?

Blue

Guest 0.10 Dollars($)

May be some more detail would let a better understanding. In the absence of the owner however the note that was made at the time of woner financing become vital.

You can claim possession over it based on the note. Take suggestion from a real estate attorney on how to reclaim possession under this situation.

jameshogg · Posted: Wed Apr 05, 2006 2:07 pm Post subject:

Hi,

As the seller, I think you have the house as collateral. In that case you can always take back the house once the buyer defaults.

You can consult with an attorney to clear up the papers.

James

Bill · Posted: Fri Apr 07, 2006 6:15 am Post subject:

J,

If you have a contract sale that has defaulted, you as the owner/financer have the right to reclaim the property. This must be done legally (at some cost) to ensure you have clear title and the ability to re-sell the property.

Once you have completely cleared the old contract, you are free to re-sell the property to another buyer.

Please seek legal advice and services to avoid future title issues.

Best of Luck!

jerry · Posted: Fri Apr 07, 2006 7:23 pm Post subject: RE:

Hi,

I completely agree with James and Bill, you should consult an attorney for some legal advice to avoid any kind of hassels in future.

Thanks,
Jerry

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