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: http://www.AustinListed.com | http://www.360LendingGroup.com
Conventional loans aren't assumable. FHA loans are assumable to qualifying owner-occupants. Clearly your "lending group" wasn't owner-occupying, unless they lied to the lender. VA loans are assumable with qualifying by occupants or investors.
So they "assumed" in some way. And then you have a 2nd to them, but does the 1st lien holder even know about you?
This is a big mess. I feel most sorry for the original borrower because if he let his nonassumable loan be assumed, that loan is still in his name.
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