law? or is it only written in certain peoples mortgages. Some people told me it is in their mortgage that they cannot rent or sell it because of the mortgage but is it actually law?
2007-06-23 06:03:37 · 3 answers · asked by NANCY J 5 in Business & Finance ➔ Renting & Real Estate
The reason why I ask is because we have about 40 grand in equity, but the mortgage holder said she don't have that in her mortgage so she will not pay us our equity. We need to sell to move. I think she may have broke the law but no one seems to want to help. We even have an attorney, and he is trying to find out. I need an expert.
2007-06-23 06:06:20 · update #1
You are not entirely clear about how you 'bought' this house. I'm guessing that you bought it on your own from a private party under some sort of land contract.
What you are describing does NOT happen in a conventionally handled real estate transaction. If you, in fact, bought from this woman and paid your mortgage payments to HER under a land contract type arrangement, you have a MAJOR mess on your hands.
It's not against state law for this woman to do what she did, but it is probably a violation of her mortgage contract with the mortgage holder. That being said, the legal recourse is from the mortgage holder against this woman. However, YOU are only covered by whatever type of agreement you made with her. The mortgage company has no interest in you.
If you have been paying her for a private mortgage and she has not, in turn, made the payments to her mortgage firm, or has refinanced the property to its full value, you are QUITE screwed.
If hope your real estate attorney is one of the sharpest out there, and even if he is, he may not be able to pull you out of this mess.
2007-06-23 07:06:25 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
I hope your atty. is a Real Estate Atty.
He should check the Title company. Any outstanding morgtage or leins should have been discovered by them. They should have Title Insurance to cover any errors on their part.
2007-06-23 13:15:04 · answer #2 · answered by ed 7 · 0⤊ 0⤋
Send these guys at HUD an email. They will know for sure.
http://www.hud.gov/buying/index.cfm
2007-06-23 14:06:13 · answer #3 · answered by The_answer_person 5 · 0⤊ 0⤋