We live in fla. THe lady whom my mother had a contract to refused to honor my mothers contract, and is making us start over on the payments for the land. My mother died of cancer after paying on the land for 5 years. The mortgage company did honor her contract for the double wide that was placed on the land. My mother perchased the land for 20,000 and it is now worth 100,000. She threatens us if we miss one payment the land is hers. I am scared because sometimes things get slow at work and people are temp. laid off. If she honored mom contract it would be almost paid for now.

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Originally Posted by corriehac

We live in fla. THe lady whom my mother had a contract to refused to honor my mothers contract, and is making us start over on the payments for the land. My mother died of cancer after paying on the land for 5 years. the mortgage company did honor her contract for the double wide that was placed on the land. My mother perchased the land for 20,000 and it is now worth 100,000. She threatens us if we miss one payment the land is hers. I am scared because sometimes things get slow at work and people are temp. laid off. If she honored mom contract it would be almost paid for now.

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I don't understand when you say "THe lady whom my mother had a contract to refused to honor my mothers contract" ? It sounds like she owed this lady for the mortgage on the land, is that correct ? If so, the death of your mother would make it impossible for your mother to honor the terms of the mortgage and that would be more than likely to pay the monthly notes, etc or her estate is unable to pay off the balance of the mortgage, is that correct? Then the lady you refer to that hold the mortgage, assuming I am correct that there are no funds in your mother's estate to pay off the mortgage, then the lady you refer to has no choice but to foreclose on the property, If indeed the property is now worth $100 grand as you stated, and your mother only paid $20M for it, then she would be doing you a real favor to let you have it (sell it to you), for the unpaid balance. Anybody else reading this want to add something or correct me. I am assuming maybe too much.

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Originally Posted by corriehac

We live in fla. THe lady whom my mother had a contract to refused to honor my mothers contract, and is making us start over on the payments for the land. My mother died of cancer after paying on the land for 5 years. the mortgage company did honor her contract for the double wide that was placed on the land. My mother perchased the land for 20,000 and it is now worth 100,000. She threatens us if we miss one payment the land is hers. I am scared because sometimes things get slow at work and people are temp. laid off. If she honored mom contract it would be almost paid for now.

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The lady holds the mortgage on the land mom owed about 10,000 left to pay on it. I took over the payments. The lady wanted me to start over from the start. Not crediting anything mom paid on it. Mom had no money when she died. Mom was buying the land. How could she be better off to let me have it and just pay the balance? She sold it to mom for 20,000 its now worth 100,000

Here's what you just asked "How could she be better off to let me have it and just pay the balance?" The answer is that she can't be better off, you said it was worth $100M, so she could foreclose on the property (take it back) and keep the $10M already paid, then sell it to someone on the open market for $100M, (that's what you said it was worth). What I was saying is that if she let you have it for either the balance owed of $10M or even $20M, AND considering that it's worth $100M, you would be getting a real deal. What would have been great was if you mother left you the money or life insurance to pay off the balance of $10M, the property would then be an asset of her estate and I assume you are her only child and I assume also she was not married, you are then the sole heir to her estate which includes the now paid for property.

Yes I am the sole heir. The property is not paid off, I am still paying her payments it was owner financed. So what you are telling me is if you buy property and die before you pay it off then your hiers can not inherit a contract. And that all the money you paid in , the property is sold and the seller gets to resell the property. And your heirs get nothing, unless you have life ins. If an hier can pay off a mortgage with life ins. Why can they not continue the contract the property was hers in life and if she lived and forfilled her contract then the land would be hers to will to an heir. So if your relitive buys a house and wills you the house if money is owed they can resale the house and the heirs get nothing.

Yes, your mother would have been wise to have your name put on the mortgage also, then it would have reverted automatically to you at the price negotiated in the contract. How would the lady hoding the mortgage in your mother's name only enforce a contract if the person obligated to pass away? That's why my wife's name is on my mortgate in addition to mine, I just got to be sure I either leave the house paid for or leave her some money to pay off the mortgage, thank God I have done that. So if I were to die, she could either pay the monthly notes until it's paid fer or she could use my life insurance to pay it off.

Hello Corrie:

Nope, nope, nope, and nope.

When your mother died, YOU inherited her property - not the seller. YOU also inherited the note. That's the law. It has nothing to do with whether a contract holder "honors" the agreement, or not. The LAW says that he WILL honor it.

You need to see a real estate attorney, or you're going to lose a lot of money.

excon