Owner Financed Home

John, As Ken stated, even if your loan is sold, the terms can't change. The family member who took over the trust may have a hard time selling those loans, depending on the quality of the loans themselves (documentation, verification, etc.).As far as refinancing, there are more programs out there for bruised credit than in recent history, but the details matter. "Horrible" credit doesn't sound very promising, unfortunately. It is probably best to speak with local mortgage professional to see if you would qualify for any current loan options. Best of luck!

When were you laid off? If more than 12 months ago we may have an option for you under FHA. However even if your loans are sold off the new lender can't raise the rates and terms on you any more than the original note states. So you are protected there. The only thing that would change is who you are making your payments to. If you would like to discuss all options you can give me a call: 888-320-7888 - www.MortgagesforAmerica.org - Ken Burrows

Hey John, just how 'horrible' is your credit? I can go down to a 560 mid-score with an FHA or VA loan. I live in Leander, but work in Austin for a Texas mortgage bank. Let me know if you think that your score might work and I can try and help you out.

Hi John, note buying and selling is as common as selling non-owner financed mortgages. Although you most probably don't have a say in the matter the terms of your note cannot generally change and the note probably can't be called in unless you violate the terms of the note such as nonpayment. I would recommend you seek the advice of a real estate attorney just to be safe. Refinancing is probably not in your best financial and emotional interest (due to your credit) at this time.

I originally answered your question from my cell phone, which didn't log me in, so you didn't have my contact info. I'd be happy to talk to you about what it takes to get this scenario done, or if you'd like, my office is off of Far West and MoPac. I'm posting my original reply below:"Hey John, just how 'horrible' is your credit? I can go down to a 560 mid-score with an FHA or VA loan. I live in Leander, but work in Austin for a Texas mortgage bank. Let me know if you think that your score might work and I can try and help you out."

As many have stated. Your rate and term cannot be changed if sold. Hope that helps!

You have nothing to fear from the new holders of the mortgage. The terms do not change when the beneficiary (owner) changes. Just keep making you payments on time, and keep copies of the checks. That will be proof of your on time payments, when your credit has improved, and you are ready for a conventional loan.

Your terms cannot change if the loan is sold.. keep in mind that most seller financed homes have some sort of balloon payment.. meaning they will not finance you for a full 30 years.. so hopefully you are fully aware of the terms of your loan.. if you have to pay them within a certain amount of time, and you don't', then you run the risk of the trust calling the note due.. if you cannot pay them, either in cash or by refinance, you could possibly lose your home.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Please call me, I can help! I have access to investors who can refinance the property for you.(800) 515-0445