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Arkansas Mortgage and Warrenty Deed

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Mamawolf Guest	Posted: Wed Jan 05, 2011 4:54 am    Post subject: Arkansas Mortgage and Warrenty Deed Like 0 Dislike 0 We recently did an owner purchase of a home and the person we're buying from has us sign the mortgage. He also signed a Warrenty Deed saying he transferred the ownership of the property to us for $10. There is no mention of the Mortgage in the Warrenty Deed. Is this normal? What if we can't pay the Mortgage? IF he signed a Warrenty Deed over to us saying we purchased the property for $10 and no mention of a mortgage, doesn't that mean we already own the hosue free and clear? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Wed Jan 05, 2011 9:03 pm    Post subject: Like 0 Dislike 0 Hi Mamawolf! Welcome to forums! A person can go for owner finance only when the property is free and clear. If there is an existing mortgage on the property, then the present owner cannot go for owner financing. You should contact the owner and check out if he had an existing mortgage on the property. Feel free to ask if you've further queries. Sussane
Mamwolf Guest	Posted: Wed Jan 05, 2011 10:43 pm    Post subject: Like 0 Dislike 0 The property IS free and clear.....the person we bought it from signed a Warrenty Deed to US, giving us the property in a warrenty deed that doesn't mention a mortgage
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Thu Jan 06, 2011 10:40 pm    Post subject: Like 0 Dislike 0 Welcome Mamwolf, If a mortgage lender is now coming after you for the unpaid mortgage balance, in that case, you should contact the previous owner and ask him to pay off the balance dues resulting from that existing mortgage. _________________ Procrastination is the enemy of your financial success

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