Assuming Mortgage Contract
Lets see if I can say this right...
I purchased a home from a man that was purchasing the home from the owner who carried the note. I paid him his equity and took over payments under a contract of sale. This took place in 1990. I have been making payments ever since but recently found out the paperwork was never recorded- I have the signed agreement but there are no recorded official documents. The original owner dies and his son recorded an order amend on the property in 2001. Problem is the man I bought it from is still listed as a 2nd party in the state records. I need to know how or what documents to file to reflect the purchase and my interest in the property. The agreement was that when I paid the full mortgage I would be the only one on the title. I am able to pay off the balance but what guarantee do I have that it will be transferred to me? I have been making my payments to the Attorney in fact as the original owner is not local. Can I add myself to the title? I know this is a weird situation but my defense is I was young and it was my first house purchase. LOL. I have not lived in the property for 10 years but my family member has been living there rent free. Thank you for your time- I appreciate any input! One more mortgage question but I will post it tomorrow. good night and thank you for taking the time to read my post.
If this was an installment contract, then the orignal owner would remain on title until the contract is paid in full. The person carrying the contract and collecting payment should be the one to give you the Deed recorded into your name when the contract is paid in full. So what type of contract was it?
it was to make payments of 800 per month until it is paid in full but shouldnt i be the 2nd party on the title replacing the man i bought the house from- i paid him his equity and took over the rest of his loan. he is showing on the recorded documents when he should have been taken off when i bought him out. thanks for the superfast reply! i appreciate it
"paid in full but shouldnt i be the 2nd party on the title replacing "
by 2nd party do you me you and the guy you bought it from are on title?
Is/was this a ploy by the original sell to not release his seller from the paperwork until all was paid?
I think cjmazur is right. He probably wanted to make sure he didn't end up with the property back. If you didn't pay, then the responsibilty would then be the guy he originally sold on contract. Good Luck I hope you get this straightened out OK. Let me know.
Speak with a RE attorney (someone who specializes in RE law). The attorney you are making the payments to represented which party in the original deal?
You might be just fine but confused as to how the paperwork matches the situation. Or there could be a problem. You need someone who understands the legal process and contracts. I suspect it will not cost you much to get the details to be explained in a language that makes sense to you.
John
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