Zillow Advice: Mortgage - can someone foreclose on a home if you were not late on a payment?

Call a lawyer and sue him ...

Mon, 06 Jul 2009 20:09:00 GMT

Call a lawyer and sue him for not paying the taxes as per the mortgage agreement - assuming that's how you have the deal structured. He can't foreclose if you are paying on time, he should probably look into selling the lein for a lump sum.

If you can come up with the money (perhaps by getting a traditional mortgage) then you might be able to make him an offer that is beneficial to you because he won't get anything near face value by trying to sell it himself. For example, if the house is worth 100k, and you owe 80k on it, you can probably get him to settle for 60k in order to get that money now. If you owe more than it's worth, you can probably get him down to 80-90% of appriasal.

Make sure you read through ...

Mon, 06 Jul 2009 21:10:00 GMT

Make sure you read through your agreement thoroughly. Private party loans often have balloon clauses, so you need to be certain that he is actually attempting to violate the agreement.

He cannot foreclose just because he wants cash now. BMF gave you great advice. If he needs money badly, he can sell his note at a discount to current principal balance. The equity position and interest rate on the loan will help determine the market value for the security.

Hopefully he can work something out and you can remain on good terms, because while he does not appear to have any legal reason to allow foreclosure, he certainly can TRY to foreclose and cost you time and money to defend your side.

MY HUSBANDS XBOSS HOLDS THE ...

Mon, 06 Jul 2009 18:38:00 GMT

MY HUSBANDS XBOSS HOLDS THE LIEN ON THE HOME AND HE STATED HE NEEDS TO GET HIS MONEY BECAUSE HE IS HAVING HARD TIMES AND WANTED TO SELL BUT NOW HE SAID HE WANTS TO FORECLOSE. MY TAXES ARE INCLUDED IN MY PAYMENT HE PAID THE FIRST INSTALLMENT BUT HAS NOT PAID THE SECOND ONE I RECIEVED A NOTICE THAT ITS WAS NOT PAID SO WE TOLD HIM WE NEED PROOF OF PAYMENT AND HE GOT MAD.

No, that's a tax forfeiture. ...

Sat, 04 Jul 2009 04:41:00 GMT

No, that's a tax forfeiture.

Now I won't be able to sleep tonight wondering why this question has been asked! Sounds like one of those trick puzzle questions where the answer is staring you right in the face.

as in you didn't pay your ...

Sat, 04 Jul 2009 04:34:00 GMT

as in you didn't pay your tax?

Why would a bank foreclose ...

Sat, 04 Jul 2009 04:29:00 GMT

Why would a bank foreclose on a home if you are current with your payments?

You have have more specific information or a specific scenario? Or is this idle speculation?