legal terms ??????

[The Fulmers]

South Carolina, last month i wrote in about my wife and i purchasing a house with owner financing. that the owner had not made a mortgage payment since oct, 2003 so now the mortgage company has started foreclosure proceedings. we have been notified twice of this action in the last 2 months, once by the city and once by mail from the mortgage company themselves. i have 2 questions? 1) because of his neglect will my wife and i have a bad credit rating? 2) what is AFFI of service? i ask the second question due to the fact that since all this is publice knowledge i have been keeping up with it online and today i noticed that the mortgage company has presented this to the owner.

 

[nextwife]

So... are YOU taking any actions to try to save your home? Are you attempting to get a loan and pay off all prior liens so it is not foreclosed? Have you talked to an attorney to have him negotiate with the foreclosing lender, if the seller is willing to work with you to get this done? You don't HAVE to sit idly by and see your home go away- the seller is obligated to deed it to you if you pay off the loan. (done only through a title company so the LP can also be released) Perhaps he can deduct all the FC fees and accrued back interest off his apyoff? Are you researching your options and putting numbers together to see what you might do? Have YOU called this lender as the buyer/resident?

 

[The Fulmers]

legal terms????

we can not afford an attorney. since our credit is not that great and the mortgage company will not speak to us about taking up the loan we can't go that route either. we just want to know what AFFI of Service is and because of his neglect will it be a bad mark with the credit beurea?

 

[unapathetic]

I am curious what your contract says with the seller, and what his says with the mortgage company. Most mortgages are due on sale and that includes selling on a land contract, because it prevents headaches such as these from happening in the first place.

I wouldn't worry about your credit rating because the mortgage is not in your name and the seller is not reporting you to a credit bureau, nor is the mortgage company. That isn't your obligation to pay.

What you should be worrying about, if you want to keep the place, is getting your own financing to pay it off like next wife said.

Have an attorney look at your documents, most will give you a free consultation and tell you what your options are. We paid a lawyer 50 bucks and he saved us from losing 250,000.

I would ask the seller to show you his mortgage contract to see if he breached it by not telling the mortgage company he was selling it on a land contract. The mortgage is his problem and he might be in more trouble than he thinks by screwing you.

 

[BriantheBanker]

dup post

You have this topic kinda spread-out on the forum.
If you have been paying (him) as agreed, you have a case. talk directly with (his) mortgage co. and try to work things out.
Him not paying his mortgage WILL NOT affect your credit. (Unless there are utility bills, etc... that you allow to become delinquent on the house.)
You should be able to find a lawyer who will help for much less than $2500.

do NOT stop paying. If you do the right thing, you will be able to sue (worst case.) if you don't pay, you don't have a case.

BriantheBanker

 

[The Fulmers]

Sorry, I figured this topic was somewhat different than the other. After speaking to 2 lawyers (free consiltation) that they advised me not to make any more house payments untill I find out if the owner could catch up the back mort. or if I was gonna loose it. The utilities are seperate from the house payments they are in my name. Nope we have some high dollar lawyers here. have considered legal aid but not sure of how to go about finding one. Owner also stated to me that the other leins that show up on the foreclosure notice are not his and he does not know why they are even there (one lein holders claim is agaisnt him) he denies that it is him. I told him that he then needed to have them removed. Once he tells me they are removed can I legally tell him to get and pay for a title search???