Piper, Fernandez, and others…Set me straight - Posted by Scott SC
Posted by Scott SC on May 31, 2000 at 12:18:01:
Ok guys I have a couple of questions/concerns.
I have just purchased a home and I have a mortgage with Bank X. I’m about to turn around and sell it on a land contract to BUYER, you know, wrap it up.
1)My first question is, should I as the seller record the land contract if BUYER doesn’t request for me to do so? I know the mortgage I have with the bank is recorded, but is there any reason I should record the LC?
2)Ok, let’s say a couple years down the road BUYER takes out another loan against the property, or creates a lien against the property that I am unaware of. Then BUYER defaults on both the payments to me, and the payments to the jr lien. Now I still have a mortgage on the place, but do I foreclose on BUYER? If so, where does the bank I have the mortgage with fit in to all this? And, if I foreclose on BUYER, what happens to the jr. lien he had placed against the property? Will the bank find out about all this mess?
Please, one of you experts walk me thru this situation.