Updated over 6 years ago on . Most recent reply
OWNER FINANCING CONTRACT QUESTION - WHAT HAPPENS IF OWNER PASSES?
If I were to acquire a property using owner financing for example: Purchase single family home from owner for $100k. $5k down payment and zero interest monthly payments for remaining balance of $95k @ $527/month for 180 months. My question is, what happens if (God forbid), after 60 months, the owner passes away?
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You would owe the money to his estate (Heirs). If the estate is not well managed, and the heirs are clueless, there is a possibility (unlikely) that no one would step in to collect the debt.