You should consult an attorney. It depends on how the loan was set up. I just refinanced a client out of such a loan. The initial loan was still in the original buyer's name and that is customary in these circumstances. While the mortgage did not report my clients made payments to a 3rd party company that ensured the payments reached the bank and also kept a record of the transactions. This protected both parties. Their loan did not have a balloon attached to the note.
Is it possible for you to refinance out of the note? Is that something you even want to do? Again, to see what your rights are you should consult an attorney. Hopefully you did so initially when you purchased the home as I advise all of my clients to do so when considering an owner financed purchase option.
Hope this helps.
Depending on when the lease is over it may make sense to wait until you are closer to the end of that lease. You could also have a talk with your tenant to see if they would be willing to move early if a new buyer wanted to take possession for themselves. Maybe offering them some money would do the trick.
While nobody can predict the future I think we are at the beginning of another cycle that should go on for years to come. Again, that is just an opinion and everybody has one. Texas is a state where many people want to live and that will keep housing prices going up over the years unless something happens to change that mentality.
Hope this helps.
Don Groff | REALTORÂ® & Mortgage Broker
Austin Real Estate Pros & 360 Lending Group
o 512.669.5599 | m 512.633.4157 | email@example.com
websites: www.AustinListed.com | www.360LendingGroup.com... more