A few years ago,I was behind on my property taxes,so I got a loan with a mortgage type company who financed it,However,I got behind last year and they demanded all or nothing,plus fees,So,I tried to refi this loan with another company and I was told ,since I'm not the legal owner that they wouldn't be able to refinance the existing loan.Also,the Property is not mine(Yet)as I'm still paying the Owner.They sent me a court date with another persons address on it as the property description,will that matter?Also,Does anyone offer a payment plan or pro bono ?Thank you
If you took a property tax “rescue” loan and default, the rescue lender can foreclosure on the house. The only way to stop this is paying according to the demand. Your mortgage lender or the land seller can also stop the foreclosure, but they must pay a 25% premium to the rescue lender to save the property. You need to ask the seller to assist you before the eviction is completed.
The rescue lender's lien is superior to all other liens on the property.
This comment is given for educational purposes only. No attorney-client relationship exists between us.
The simple answer to your question is that the holder of any valid lien can foreclose if you are in default.
"Owner financed" can mean several things. It can mean that you purchased the home and that the previous owner accepted a note and deed of trust in payment. It can mean that you have purchased the home under a contract for deed (referenced in the Property Code as an Executory Contract). To a layman, it can also mean some type of "lease to own" contract. Each of these presents different circumstances, different advantages and disadvantages, and varying ways to deal with each.
You should immediately contact an attorney. The fact that a court date has been set means that you must act with the greatest degree of haste. There is a serious possibility that your answer is overdue which may place you in the position of having a default judgment taken against you.
It is doubtful that any attorney is going to represent you in a suit to retain valuable real property for no fee. A payment plan may also not be acceptable due to the fact that you are already experiencing financial difficulties and there is a question of your ability to meet your obligations under a payment plan. If you are serious about keeping your home, you should move mountains to come up with sufficient money to hire a competent (as opposed to a "cheap") attorney.
If you absolutely cannot come up with the money to hire an attorney to represent you, consider seeking the services of a bankruptcy attorney.
I am confused by your Q. You state that it is owner-financed. I think perhaps you mean it is seller-financed. Then you claim that you cannot refinance the loan because you are not the owner. But if you bought it from the seller, then of course you own it. Just subject to a mortgage.
An attorney needs to see your files. I am guessing, just a hunch, that either you have a "Contract for Deed" or maybe a lease with a purchase option.
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