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 
[ Edited by mjdreal on Date 03/02/2004 ]
I guess that one was a hard question to answer....
Perhaps a bit of patience would help.
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.
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?