Posted by Tony-VA/NC on August 27, 2003 at 06:32:21:
Chances are you could contact the taxing agencie and receive the tax bill there. Most don’t care who they send the tax bill to, nor who pays it as long as it gets paid.
On a side note, if you are buying the home on a contract for title, how do you intend to protect your interest in the home? The seller could get judgments against him/her and that home may become the subject of the creditors remedy. Also, how would you know that the seller is making the payments to the lender (unless you are taking over this process for them)?
How can you be certain you will be able to locate the seller when you have paid off your purchase so he can obtain the title from the lender and sign it over to you?
For me, there is too little control over these types of deals but maybe you have found a way.
… If a seller is selling his mobile without the bank’s knowlege he DOESN’T OWN it yet. If he is trying to screw the lender what do you think he will do to you?
Furthermore (or less), how do you know how much equity, if any, he may have in it. Maybe he is doing this because he is upsidown on his loan. Maybe he owes more that it is worth and is just planning to walk away from it after milking you. I say moooove on, and look for greener pastures.
Even if you pay off your loan to the seller, he may not have the title, because he may not have paid the lender off. Remember the lender will usually keep the title until it is fully paid off. If you pay off the seller, he may tell you to go see the bank for your title. The bank may say "who are you, you have no legal interest in this thing, UNTIL you pay off OUR $60k note? Ops!