I am currently in a BINDING contract with a SELLER of a residential piece of property an I am the BUYER for the sum of $20,000.00. The contract is seasoned, and is sitting at a Title company ready to close. There is a Mortgage Deed on the property in the amount of $20,000.00 that is held by a private individual. The Seller agreed to sell the property to me for the amount owed. At the time that the contract was signed by the seller (6-9-2016 ) was 2 months behind. The mortgage lien holder has not notified the Seller that he is accelerating the note, nor has he filed any FORECLOSURE PROCEEDINGS to collect on the note. Since the Private Mortgage Lein Holder has found out that the Seller is selling me the property, he is not willing to provide a payoff to the Title Company, he is actually being very combative, and very uncooperative. I am pretty sure that he wants the property back and is upset that the SELLER has entered into a contract to sell with me.
My question is what can I do to close on this deal, if the lien holder with the Mortgage Deed will not provide a payoff for the Note?
