We purchased a home wholesale in August 2019. Instead of using hard money we assumed the sellers financing and had the seller taken off title and had ourselves added. We had the property ready to sell And had a buyer and a closing date.
The previous sellers went MIA after we bought the home. The loan is with Cenlar and everything is current as we are paying the loan. The previous seller (Ioan holder) filed bankruptcy (chapter 13) in November 2019. We sent in the authorized payoff letter we got at closing and the bank will not send the letter. They won't talk to us as the loan is not in our name and we can't find the previous seller. We failed to close (had to pay 3k to buyer) and are now stuck in limbo.
What can we do?
We don't want to hold this property because it is too far away and me to cash out to get a property closer to our other holdings.
