Posted by JohnB on October 28, 2003 at 23:07:21:
What does the mortgage broker know about contract law? see your attorney for legal advice. Don’t sweat what the mortgage broker says until your lawyer says its a problem.
Did I blow this one??? - Posted by MrWi
Posted by MrWi on October 28, 2003 at 09:17:52:
I have a land contract/contract for deed with couple A for $115,000 @ 5% for thirty years with a 7 year balloon. I turned around and sold the house via land contract/contract for deed to couple B $125,000 @ 6.5% for thirty years with a 5 year balloon. Couple A owe $140,000 on the house. They were to move the $25,000 balance to new house they inherited. I did not record either contract. Couple A wants to refinance the house and so I had Couple B apply to the same mortgage broker to see if they could just cash everyone out. Now the mortgage broker is saying that my contract is not valid and that according to their attorney it is “fraudulant” and that I don’t even own or have ownership intrest in the property. DID I blow this one by not recording the contracts? or am I sweating bullets on this one for nothing. I hope this is enough details to deserve an accurate reply, if not I will provide more info if needed! Thanks!
Re: Did I blow this one??? - Posted by MS
Posted by MS on October 29, 2003 at 13:51:50:
I beleive that if no one else has recorded since you signed the contract, that you can still record your contract. You should check with your attorney. Good luck.
Maybe/maybe not - Posted by Neill
Posted by Neill on October 29, 2003 at 24:34:23:
I agree with JohnB -
The mortgage broker is blowing smoke at you because he can’t figure out how to do the deal with you in the middle of it. Find a new mortgage broker.
Don’t know what the rules/laws are in your state, but I suspect that recording the contracts would have been to your advantage.