McAllen- As you may be aware hundreds of thousands of homeowners are losing their homes everyday because of no fault of them, since they face an unanticipated situation such as an illness, divorce or loss
The end of the foreclosure process is the auction. To complete the process it has to go to auction. Did it sell, was it delayed or postponed? If you are the owner I find it hard to understand how you don't know.... more
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What you did was not bank fraud and it is done all the time. Unfortunately the purchase was not structured correctly. You should be the one making the payments to the lender and not the old owner. When you do a seller finance transaction correctly you actually close in a title company and you are the one who holds insurance on the property. While most loans are not assumable at the same time there is not a lender out there who will call a note due if they are getting paid every month as agreed. They could but they never do.
You should contact an attorney as was advised because what the person who sold the home to you is doing is fraud. Seller financing is a good way for people to get out of a bad situation. Good for the seller because they are avoiding foreclosure or a short sale and good for the buyer who cannot qualify for a loan at the current time.
Unfortunately if you do not structure everything correctly this can happen. On the reverse if you were not making the payment the same would be true. So now you need to consult a real estate attorney to see what you options now are.... more
Difficult to state unless you reviewed the contract executed by all parties. Best to consult with an attorney more than likely court proceedings for eviction. However in the future till the note is paid in full best not to transfer the title.
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