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eseadigun · Jan 30, 2010, 11:47 AM

I did an owner financed mortgage with me signing and notorizing the papers in NJ and sending them to the financier in GA. I tried refinancing and discovered that the financier inflated the value of the house. I asked the financier to forward to me the papers of the most recent estate value of the house to me for ownward transmission to the intended refinance bank and the financier stopped communicating with me. How do I get out of this lockjam?

ScottGem · Jan 30, 2010, 11:51 AM

Notarization is just verification of signatures. That would be honored anywhere.

You aren't really clear on what's going on here. If the owner financed the purchase what is the status? Has the title been transferred? Have you begun payments? Did you give a down payment?

eseadigun · Jan 30, 2010, 12:14 PM

Originally Posted by ScottGem

Notarization is just verification of signatures. That would be honored anywhere.

You aren't really clear on what's going on here. If the owner financed the purchase what is the status? Has the title been transferred? Have you begun payments? Did you give a down payment?

I made the initial down payment and have been making monthly payments for the past nine months. I just need his home value papers to enable me proceed with the refinance, and he has not contacted me for the past four months. What should I do?

ScottGem · Jan 30, 2010, 02:12 PM

So you have a copy of a note that specifies you will pay so much per month. I also assume you have proof of the down payment. But you did not answer one of my questions. Has title being transferred?

I would contact an attorney to force the seller to provide any paperwork required by your lender.

Fr_Chuck · Jan 30, 2010, 02:57 PM

And you keep saying home value papers?? If you are talking about the current value, that would be something you hire a person to appraisial of the home. Not something they would have to supply to you.

If you now own the home, deed transferred when you bought the home with the owner holding a mortgage.

If this is a contract for deed, that is different

eseadigun · Jan 30, 2010, 08:14 PM

The title was not transferred.

eseadigun · Jan 30, 2010, 08:16 PM

I am beginning to understand I must have gone into a contract for deed. What must I do to enhance my refinance?

Fr_Chuck · Jan 30, 2010, 08:21 PM

OK, a contract for deed, is not a mortgage, so you can't "refi" you will have to get an orgianal mortgage.
You don't really have a mortgage, if they did not transfer the deed to you. What you have ( MY GUESS) is merely a contract for deed, which means you do not have ownership of the home, merely a right to buy it for a specific sum of money.

You need to get a professional appraisal of the property, that you pay for. From that you can see first if the property is even worth what they want you to pay for the balance of the contract.

If the home is worth less than their asking price, you can ask them to reconsider the selling price to the currnet value. Normally on a contract for deed you can merely walk away and not owe anything else with no credit harm done.

In the same, if they have this to ballon and come due, if you can't get a loan for the property, you merely lose it back to them, and lose anything you put into it.

So you are going to have to shop for a mortgage just like you are buying the home in a regular sale

ScottGem · Jan 30, 2010, 08:35 PM

You need to read the papers you signed to know exactly what signed. If you didn't get a transfer of title then it is, most likely, a contract for sale.

Fr_Chuck · Jan 30, 2010, 08:55 PM

Scott is correct, there are 100's of home made and at times even less than legal rent to own, contract for deeds and more done all the time where people write up their own which often breaks all sorts of real estate rules.

Did you have your own attorney review everything before you signed the paper work