MilwaukeeVet…, Home Buyer in Milwaukee, WI

We bought a home on a land contract 2/2010, now the sellers are trying to sell to ugly home investor.

Asked by MilwaukeeVet03, Milwaukee, WI Mon May 13, 2013

We were unable to pay monthly payments recently due to job loss. My husband found another job and we have been paying property taxes as agreed by the sellers' wife. We are keeping up with the property tax installment payments. We met up with the sellers and the wife said she is "forgiving the loan", when we asked is that what she is for sure wanting to do she gave us the run around. We have been trying to get things in motion with the transfer of deed but with little answers from title companies on how were are suppose to get the deed transferred. Well she wrote in writing that she forgave the loan, when things aren't going as fast for her she later said she is bringing in someone to buy the house from an ugly home buyer company. We want the house, we have been trying to get things together for the transfer but the wife keep talking in riddles and not giving clear answers. Is she able to sell the house after writing to us she forgave the loan?

Help the community by answering this question:


Is your Contract recorded at the county courthouse? If so, did you generate a deed of trust to the owner and file at court house? If they are forgiving the mortgage than you should have them sign a mortgage release paid in full, and that will iliminate the deed of trust. then you will receive a warranty deed with no liens.
If she is trying to sell it fast, she shoulld be asking fo a Deed in lieu if she is wanting to gain ownership back faster, and then sell it. to whom ever. Otherwise, she'll have to go through the long drawn out foreclosure proceedings.
She is just the mortgagor ( the bank). You are the owners with a promiss to pay..Seller is not able to circumvent the Law..Seek Professional legal advice.

This is just my attempt to understand your issue
0 votes Thank Flag Link Mon May 13, 2013
No it has not been recorded. We talked with a title company they initially told us they do not deal with land contracts, but that we can get a Warranty Deed printed up then all we have to do is sign it, the sellers sign it in front of a notary and we take it to the county office to have it recorded at our cost. And if there are any taxes still due we agreed to continued to pay the taxes. Now she wants to sell it to UglyHomes, I am trying to find a lawyer to give consult about this matter but not having any luck.
Flag Mon May 13, 2013
You need legal help with your situation. See an attorney.
0 votes Thank Flag Link Mon May 13, 2013
Yes, get a reputable real estate Attorney ASAP!!!!
0 votes Thank Flag Link Mon May 13, 2013
I agree with Ron, legal time. Wait until the sellers find out what Ugly Homes will pay them, you may not be going anywhere soon. They don't give a seller much.
0 votes Thank Flag Link Mon May 13, 2013
You've got yourself in a bit of a sticky wicket:
My personal opinion is, let it go.
My Legal opinion is, talk to an Attorney.

Good luck and may God bless
0 votes Thank Flag Link Mon May 13, 2013
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