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 TRACI5050
Joined: 28 Mar 2008
Posts: 1
1.35 Dollars($)
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 Posted: Fri Mar 28, 2008 2:56 pm Post subject: OWNER FINANCING |
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| I HAVE A QUESTION. IM NEW TO SELER FINANCING AND I HAVE SOMEONE WHO'S INTERESTED IN DOING SELLER FINANCING WITH ME B/C IM NEW TO THE COUNTRY AND DONT HAVE ALOT OF CREDIT. I KNOW THAT THE SELLER OWES MORE ON THE HOUSE THAN WHAT THEY WANT TO SELL IT TO ME FOR. IT SOUNDS LIKE A GREAT DEAL. BUT IM WORRIED AND WONDERING HOW CAN I BE COVERED TO MAKE SURE I OWN THE HOME WITH A CLEAR TITLE OR SOME KIND OF INSURANCE? SO I KNOW NO ONE CAN TAKE THE HOME FROM ME? |
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helping_user
Joined: 31 Mar 2006
Posts: 800
Location: Hawaii
148.82 Dollars($)
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| Posted: Fri Mar 28, 2008 10:11 pm Post subject: RE: owner financing and short sale |
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Welcome Traci.
It seems that the current owner is doing a short sale, so there will be a certain amount of deficiency (diff between sale price and what the seller owes). Now if the lender/mortgage company servicing this loan files a deficiency judgment, they'd like to collect it from the seller, provided it's not an anti-deficiency state. The lender may also forgive the debt or issue a charge-off. However, whatever it is, the entire issue will be handled by the lender and the seller should be involved in it. It's not your concern since you'll have the home titled in your name. Hopefully after the short sale is over, the lender will issue a mortgage release certificate and the property title will be free fo any lien. So, you need not worry about it.
You may like to know more about owner financing before you start off with. Take a look at the information available here and discuss further.
Thanks. |
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Niicss
Joined: 03 Oct 2005
Posts: 1245
Location: New Jersey
186.06 Dollars($)
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| Posted: Mon Apr 07, 2008 4:23 am Post subject: |
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Welcome Traci.
If you uses a Warranty deed that will assure you that the title is free from lien and You will have the ownership. By the way you should notarized and record the deed in the county recorder's office.
BTW it does not seem OWNER FINANCING, rather this is a short sale as helping_user mentioned above.
Let me know if you have any more questions. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 1346
Location: bloomfield, ct
45.00 Dollars($)
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| Posted: Mon Apr 07, 2008 10:28 am Post subject: |
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owner financing involves the owner of the home lending the money to make the purchase of the home effective. that would seem rather impossible, inasmuch as the current owner lacks the funds to pay his mortgage, let alone finance the purchase for the new buyer.
something smells about this entire "transaction" and i suggest you get full disclosure from your owner, or simply move on and look into a different property.
_________________
George M. Akerley
Senior Loan Officer
Freedom Mortgage Corporation
37 Jerome Avenue
Bloomfield, CT 06002
860-286-0444 |
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