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Debt Relief – Insolvency – Bankruptcy Information » Mortgage Refinancing » Can a buyer prevent a FSBO from refinancing a mortgage on the property that he has under a land cont?

Can a buyer prevent a FSBO from refinancing a mortgage on the property that he has under a land cont?

Looking to purchase a property from a FSBO under a land contract that has an existing 3% equity line of credit mortgage, is there any way we can write the contract to prevent him from going behind our back and renewing the home equity line and or obtaining a new mortgage on the property, we are filing the Land contract at the county recorders office

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3 Responses to "Can a buyer prevent a FSBO from refinancing a mortgage on the property that he has under a land cont?"

  1. Bill says:
    That sounds like a potential legal nightmare. You need to have an attorney or escrow handle the deal and they will provide you with the proper contract to eliminate the exposures in question.
  2. Sharon T says:
    Are you sure his existing financing permits him to sell without paying off the loan? Most do not.

    I certainly hope you have had an attorney review this from your perspective.

    The recorded document will show up on a title report, essentially prohibiting him from attaching new debt to the property.

  3. godged says:
    Stupid without an attorney, which is why he is selling FSBO. Looking for suckers.

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