Question by THE RESCUE LLAMA!!!: Does anyone know about sellers rights when a house is turned over to an investor?
I “sold” my house to an investor in 2006. I was verbally told that the house would be “re-financed” within 2 years. However, since the market has taken a turn for the worse, and I believe the people in the home are having trouble refinancing. I was assured by the investor that all payments would be made on time. I have received no late pays to date. However, I recieved a call from my mortgage company stating that this months payment is already 10 days past due. I am getting really concerned. I am planning on contacting an attorney in the morning, but wondered if any of you have had any similar dealings. I just wonder what my rights are and if I am protected in any way incase the investor defaults on our deal.
you are correct in that I did not “sell” my house. The investors are now on the deed and I can’t do anything without their approval. They do have tenants living in the house that are on a contract deed type of arrangement. I do not have a formal contract with the investor. However, I do have a HUD-1 and I signed some seller certifications. There were no buyer certifications included. I was in a rush when I agreed to the transaction. Now I am wondering if I have any recourse.
Answer by kate
If you sold your house , you would Not be in the loop on the payments ,
The term ‘my mortgage company’ would Not be applicable .
You did Not sell it , you went down some other ‘creative’ path ,
And I think your ‘investor’ is actually just renting with option to buy ?
Maybe if you looked at the transaction in real terms ,
Your future choices would be clearer .
What do you think? Answer below!