Quick Question

I hear alot of people saying,,,If there is alot of equity to just have the seller take back a second,,,,so if I sign a promisary note to pay the seller $xxx for his equity.....What happens if the bank calles the loan due before I'm done paying the seller and the bank forecloses on the house...Do I still owe the seller or what.. Just got to thinking when I was reading to post down a bit ....Thanks,,, Matt oh oh [ Edited by mjdreal on Date 03/02/2004 ]

Comments(4)

  • mjdreal2nd March, 2004

    I guess that one was a hard question to answer....

  • rjs93522nd March, 2004

    Perhaps a bit of patience would help.

  • InActive_Account2nd March, 2004

    I assume you are taking over the house subject-to? If so and the payments are on time the bank probably will not call the loan. Banks are in business to loan money not own real estate.

  • InActive_Account3rd March, 2004

    mjdreal,

    You could have the seller put the property in a trust and make you the beneficiary. That should prevent the DOS.

    Guru's, do I have that right?

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