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Owner financing deed question.

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Noenoeclue_is_me Joined: 15 Apr 2011 Posts: 45 12.63 Dollars($)	Posted: Fri Apr 15, 2011 7:38 pm    Post subject: Owner financing deed question. Like 0 Dislike 0 Someone I know sold a house last year, and they did not report that it was owner financing in the state of Ohio they have a form to report this and it costs around 50 dollars, to avoid the 50 dollars the buyers said let's save the money and do it ourselves, so they went and got it certified and stamped everything to make it legal ( supposedly ) So here is where the problem comes in at, they paid for 2 months, then they stopped. They still owe my friend $1,434 dollars and haven't paid in months when it was supposed to be done and paid for in December and now we're in April, also the tax records don't have the full purchase price with the owner financing, only what they paid down. Can they put a lien against the property legally if they don't end up paying the rest of the money owed or what can be done? Thank you for all the replies.
dipaligopale Joined: 25 May 2010 Posts: 790 22.70 Dollars($)	Posted: Sun Apr 17, 2011 10:44 pm    Post subject: Like 0 Dislike 0 Hi Noenoeclue_is_me, Welcome to Mortgage fit, If you can prove that the whole agreement of sale deed is illegal (although it is) and ask the buyer to vacate the place or else ask him to modify the terms of the existing docs.(yes it can be done.The process is called as novation ). It is better to deal this issue by taking all the parties in to confidence instead of quarreling over a small issue and blaming game. As far as your question related to lien is concerned I don't think they will be able to put the lien on it. Feel free to ask any further query if you have... DIPA [External link deleted as per forum rules. Thanks] _________________ 1.The best of intentions must still have directions !--Unknown author 2.When I hear somebody sigh, "Life is hard," I am always tempted to ask, "Compared to what?" - Sydney J. Harris
Niicss Joined: 03 Oct 2005 Posts: 4834 Location: New Jersey 508.88 Dollars($)	Posted: Mon Apr 18, 2011 2:00 am    Post subject: Like 0 Dislike 0 Your friend should discuss this situation with an attorney and check out what actions can be taken against the buyers of the property. The attorney will be able to guide your friend in a better way. _________________ Good is the Enemy of Great.

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