I hope this is a quick question, and I can get an easy answer.

I am buying my first home, and am waiting for a closing date. Our mortgage lady is aggravating me to no end. We have applied for a conventional rehab lo...

They are selling their equity and expect you to take the place subject-to the existing financing.

If the landlord is not following the regulations they could be in a very bad position.

Income, payroll and other forms of tax liens (state or federal) that are not property tax liens do not have priority over pre-existing liens from lenders and other things.

If your father really still wants to live there, wouldn't be better to give up the existing contract and lose the $6K, then do a new contract for $175K?

the challenge seems to be in finding an escrow/title company that will allow the "double escrow" to be done.....for example: there is an escrow open that is required by the lender once the "approval" from the lender is secured....then there needs to be another escrow opened between the "buyer" and the "end-buyer" on the same property....so, "end buyer" comes into escrow with the $300K plus closing costs, closes existing escrow on the property...then the title/escrow officer walks into the next room and applies the $250K plus closing costs to the original escrow to close that one.in theory and once in the past this was the way it was and still should be...but, now as it seems, most escrow/title companies are not wanting to do the "double" escrow for reasons of "full disclosure" to all parties, for fear of not being "sued" for some type of fraud.those of us not engaging in these tactics get penalized.....but, such is life....i have a title company that has stated they will do a "double" escrow but, will need to let the lender know this fact. not disclose the "amount" the "end-buyer" is paying, merely disclose there is a 'double" escrow in effect....well, obviously this should kill the deal right at the very end....so, not a wise direction to take....

I think if you really wanted a deal finding a desperate seller of an existing unit or a developer who is even more motivated could make more sense.

The simpler way, if that contract existed, would have then been to request payment of that contract through escrow, so that the final proceeds from the sale could then be equally divided amongst the owners.

As you have a letter you can also challenge the item on your credit report if it somehow still exists.

The state has a few specific rules that do not really exist in other states.John Corey