Wholesale - What to do with a old seller carry back note???
I found a homeowner thats is dying to get out of his house.... Here are some quick facts that are verified through the recorder of deeds:
Mortgage company released the mortgage on his house for 75k
Banks around here sometimes just release the loans instead of foreclosing on them. lol...
House has 6k of unpaid real estate taxes.
House has about 5k to be fixed up.
After the house is fixed up its worth 20k
There is a seller carry back mortgage of 6k that was from 2005 and was to be paid off in
2009. The terms were not very descriptive all it says was it had to be paid off in 2009.
The owner said he only made 3 payments.
My question is what do I do about this seller carry back? I'm pretty sure the builder that gave the seller carry back went bankrupt, but the seller carry back mortgage is in a personal name.