Results 1 to 3 of 3
LinkBack URL
About LinkBacks-
09-14-2011, 08:14 AM #1
Renter
- Join Date
- Sep 2011
- Posts
- 3
Buyer with Tax Lien
If I sell a townhouse to a buyer with a tax lien against them, can the government take the down payment and/or monthly payments, and will the current mortgage holder expect the down payment to reduce principal?
-
09-15-2011, 06:45 AM #2
Moderator
- Join Date
- Sep 2007
- Location
- Outer Banks
- Posts
- 1,282
When you sell the town house the current mortgage holder will expect to get paid the full amount of the mortgage.
Your Outer Banks real estate agent. Learn how to buy Outer Banks foreclosures.
-
09-15-2011, 07:57 AM #3
Renter
- Join Date
- Sep 2011
- Posts
- 3
Mortgage holder security
Greg, I expect you are correct that the language in the current mortgage document probably states as much. I was thinking that if I remain responsible for the mortgage payment in event of default by the potential buyer, and am in line for regaining title in the event of a foreclosure need, then the bank would not stand in the way. What would they have to lose if I remain on the hook for the liability? I am all they have now. I, of course, would expect to receive the down payment as an offset to RE Commissions and Seller Closing costs.
Reply With Quote
Bookmarks