by Guest » Mon Apr 05, 2010 09:43 am
I'd like to know the legal concerns behind seller-financing done by property
owners. How about insuring such properties? What could be the challenges?
owners. How about insuring such properties? What could be the challenges?
Posted: Tue Apr 06, 2010 08:56 am Post Subject:
Well, there could be a lot of reasons why a property owner might opt for seller-financing. It could be a good option for him whenever he's going through a financial crunch and is heading towards foreclosure.
Posted: Wed Apr 07, 2010 09:56 am Post Subject:
The concept of an owner seller-financing is quite popular with many sellers. On the other hand, the property that's purchased is often not covered. This is where it invites legal challenges.
Posted: Fri Apr 09, 2010 12:28 pm Post Subject:
There is one primary legal problem associated with covering a seller-financed property. The mortgage and the initial promissory loan are an agreement between an initial borrower and the lender. The initial mortgagee believes that the initial borrower is there on the title and that both are maintaining and occupying the concerned property.
Posted: Sat Apr 10, 2010 07:31 am Post Subject:
The property seller has to cancel his existing HO policy as he's no more the titled owner. He's also not the 'owner occupying' the property anymore.
Add your comment