Posted by Nate(DC) on February 27, 2002 at 14:11:05:
Either that, or your loan would have to subordinate to the bank loan, in which case if they were paying the bank and not you, you could foreclose and would get title subject to the first lien.
NT
foreclosing on just the land - Posted by Lori
Posted by Lori on February 27, 2002 at 10:34:24:
If i sell a vacant lot owner financing, and my buyer then gets financing and builds a duplex, what happens if i have to foreclose? What if my buyer is current to the bank on the duplex but is not paying me?
Re: foreclosing on just the land - Posted by David Krulac
Posted by David Krulac on February 27, 2002 at 18:27:00:
if you don’t consent to subordination of your mortgage, no bank will lend money, but an individual would as well as finance companies.
David Krulac
Re: foreclosing on just the land - Posted by Tom (GA)
Posted by Tom (GA) on February 27, 2002 at 12:14:08:
Most, if not all, banks will not lend in this situation. The bank would probably require that the note you are holding be paid off as a condition of loaning money for construction of improvements.