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Updated about 1 year ago on . Most recent reply

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Seller carryback 1st position note - Holder will not give a payoff amount

Clifford Firthh
Posted

Looking for advice on a property I'm working on. Owner had left the property about a year ago to take care of a sick relative and squatters took over the property and they haven't been able to return. They have tried to obtain a payoff to sell the property, but the holder of the seller carryback will not give a payoff. The loan is approximately 12 years into a 30-year term. No prepayment penalty. Has anyone ever dealt with this?

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Jay Hinrichs
#1 All Forums Contributor
  • Lender
  • Lake Oswego OR Summerlin, NV
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Jay Hinrichs
#1 All Forums Contributor
  • Lender
  • Lake Oswego OR Summerlin, NV
Replied

there are legal ways to pay these off.. check with title company first for free what they require to get title insurance for new buyer.  other wise probably need a lawyer to file some sort of quiet title action to force the issue. 

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JLH Capital Partners

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