Home Selling in 87112>Question Details

Kathryn Fitz…, Home Seller in Albuquerque, NM

Is it a scam when a seller is told that 2 payment would be made and then the buyer would get his own mortgage?

Asked by Kathryn Fitzgerald, Albuquerque, NM Sun Dec 21, 2008

One month prior to our marriage in 2007, my husband had his home for sale so we would only have one house. He used the same real estate agent that sold him the house. She told him of another real estate agent who was looking to buy a home As-Is. He was to pay an amount equal to what my husband had put into it and call it good. When the closing date came, he came up with the Warranty Deed. He was to make 2 payments and then was to obtain his own mortgage. This problem is still going on.He also has renters living there, which are his family. He still does not have his own mortgage. He has continued to make the payments to the mortgage company(sometimes late).We obtained lawyer with no results and have canceled the insurance to try and force forclosure.There is now a lender based insurance on the home which increased the payments. The buyer is now 30 days late on the payments but if he continues to make payments this problem will go on. Is forclosure the only option to solve this problem?

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You should review the contract you have with him, which if you were using licensed agents should have used a contract that would have provided you the protection you need in this type of transaction - usually if the buyer on a real estate contract is late, you notify them that they are in default and if they do not cure the default within 30 days, they default to tenant status and you can evict them as any landlord would - see New Mexico Landlord-Tenant Act - post 3 day notice and eviction by Sheriff can be pretty quick. At least that is what the contract I would have used for you would say (approved by the Real Estate Associtaion of New Mexico attorneys). Hopefully, you have some kind of contract, and if not, go back to the title company you used to check their records. Best of luck!
0 votes Thank Flag Link Mon Dec 22, 2008
The only contract is one he had drawn up himself. At the time of the "sale" he was employed by Allstar Realty. Now he is with another real estate agency and is now behind several payments on the loan. The mortgage company is no longer accepting payments from him but, the loan remains in my husband's name. As of May 26, 2014, it will be seven years since this problem started. I did contact the title company and he is listed as the owner of the home with them and with the city and county. Is there anything you can suggest as to what can be done to get the so called buyer to obtain his own loan or sell the home in order to get my husband's name off the mortgage and take him out of the deal which should have been the way it should be to begin with. Also, he has told us that he was claiming the interest paid on his taxes even though the loan is not in his name or is his social security number on it either. Any advise you can offer would be appreciated. Thank you, Kathryn Fitzgerald
Flag Sun Jan 5, 2014
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