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Hello, First of all - thank you for all of your comments that you posted, which led to me to write the attorney that you recommended in Texas. I have not heard back, but I wanted to write you as you seem to have much more experience than any of the positing attorney's or investors in hope that you might respond. My agenda is pretty simple...save myself. This is what I sent to Bryan Dunklin, who may or may not respond.
I’m the single mom of an extraordinary 16 yr-old daughter who won a 50k scholarship to an amazing prep school in Victoria, BC. I am fighting to provide for my daughter. I purchased my home in Bastrop, TX in Feb. 2012 with a wrap mortgage/5 year balloon payment not tied to an index from a local buyer who acted as his own contractor. I understand that The Act provides for a de minimus exception for persons doing not more than 3 owner-financed transactions per year, so long as the seller/lender is not in the building business, however, I am wondering if the fact that the seller acted as his own contractor voids that exemption. I also read the law to say that the exception still requires that a 7 day notice must be sent out and that certain requirements pertain. The seller’s lender has been escrowing taxes and insurance. Due to my inability to pay my 2014 property taxes, I am trying to sell my home, which realistically will not happen before spring. In a traditional financed sale, I could pay delinquent taxes at closing without threat of foreclosure. I have not defaulted on the mortgage, but want to protect myself against foreclosure threats over the taxes while selling as a result of a letter or representation that I received from the seller’s attorney. I realize that I am an unknown inquirer, but most of all, I am a mom to an incredibly bright kid with a future I want to protect. A family friend, a local Bastrop attorney, put the wrap together without understanding the Dodd-Frank law. My deal has been riddled with problems. The buyer didn’t disc
My bottom line is that I am in need of some strong verbiage/leverage to respond to the letter of representation letter sent by the seller’s attorney to stave off any foreclosure proceeding threats so that I can get the house sold. I’m hoping that the threat of litigation would be enough to get the sellers to cooperatively work together and pay my 2014 property taxes at closing.
Comments (2)
Hi @Lavonne Roberts
@John Jackson
www.LoneStarLandLaw.com
are both Tx resources.
I hope they can advise you properly in your wrap home problem.
Best wishes,
Brian
Brian Gibbons, over 9 years ago
Hello, First of all - thank you for all of your comments that you posted, which led to me to write the attorney that you recommended in Texas. I have not heard back, but I wanted to write you as you seem to have much more experience than any of the positing attorney's or investors in hope that you might respond. My agenda is pretty simple...save myself. This is what I sent to Bryan Dunklin, who may or may not respond.
I’m the single mom of an extraordinary 16 yr-old daughter who won a 50k scholarship to an amazing prep school in Victoria, BC. I am fighting to provide for my daughter. I purchased my home in Bastrop, TX in Feb. 2012 with a wrap mortgage/5 year balloon payment not tied to an index from a local buyer who acted as his own contractor. I understand that The Act provides for a de minimus exception for persons doing not more than 3 owner-financed transactions per year, so long as the seller/lender is not in the building business, however, I am wondering if the fact that the seller acted as his own contractor voids that exemption. I also read the law to say that the exception still requires that a 7 day notice must be sent out and that certain requirements pertain. The seller’s lender has been escrowing taxes and insurance. Due to my inability to pay my 2014 property taxes, I am trying to sell my home, which realistically will not happen before spring. In a traditional financed sale, I could pay delinquent taxes at closing without threat of foreclosure. I have not defaulted on the mortgage, but want to protect myself against foreclosure threats over the taxes while selling as a result of a letter or representation that I received from the seller’s attorney. I realize that I am an unknown inquirer, but most of all, I am a mom to an incredibly bright kid with a future I want to protect. A family friend, a local Bastrop attorney, put the wrap together without understanding the Dodd-Frank law. My deal has been riddled with problems. The buyer didn’t disc
My bottom line is that I am in need of some strong verbiage/leverage to respond to the letter of representation letter sent by the seller’s attorney to stave off any foreclosure proceeding threats so that I can get the house sold. I’m hoping that the threat of litigation would be enough to get the sellers to cooperatively work together and pay my 2014 property taxes at closing.
Sincerely
Lavonne Roberts, over 9 years ago