I have a contract on a nice M.H. on land. Seller stated a price of 15k, it comps out at 35k. Seller has cancer and lou gehrigs disease. He wants to move closer to his kids.Closing date is aug 25th. The guy next door to him is real mad because he wanted to buy it,but seller says he will stick to are contract. The problem is seller sold it 6 years ago owner finance with a 5 year ballon due in 2006.They did not pay the ballon and moved out. Seller moved back in and has title in his name,but not deed. Seller hired lawyer and started F.C. in aug of 2006,but could not find the women to serve until june of 2007.( she was in jail) Lawyer tells seller it should all be done by next month. I know this is not true,it takes 4-6 months to F.C. in this state. If it is not done by then,seller wants to know if he can sign over his interest to me and I proceed with the F.C. he started. He has all ready paid the lawyer in full. What do I do? I don,t want to lose this deal and the seller can,t wait for the F.C. process because of his health.
and i hate to say that. I know you can FC if original owner assigns or sells the paper but I do not know the process.
Be very careful
You won’t know anything until you talk to the lawyer.