Home Buying in Connecticut>Question Details

William, Both Buyer and Seller in Fairfield County, CT

I just accepted a Cartus Home buyout and two months into it and they still haven't paid off my loan. Is this?

Asked by William, Fairfield County, CT Sat Apr 11, 2009

normal? They said they would pay off my loan when the sale the home to someone else; they only made 1 payment. Doesn't buy out mean that should have paid my loan off?

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You need to provide more information. If you have accepted an buyout due to a relocation, then your mortgage is taken over by Cartus. They do not pay off the loan until someone buys your property, they just become the owner of record. They continue to make the mortgage payments just like you would have. You have no obligations any longer.
Two months in means what? Two months from the appraisal?
All you need to concern yourself with is are you still on the title as "owner", if not you do not need to worry. After a buyout it should not be yours any longer if it is a true buyout.
0 votes Thank Flag Link Sat Apr 11, 2009
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