[quote=flu]oh my fvcking @#$@#$@#$@#$…I can’t believe self-entitled people still exist in 2011…….
What happened to all the humbling that should have happened with an economic collapse…Oh, that’s right…Our government has given people to feel like everyone is a “victim”…WTF??????????
This country is so screwed….Unbelievable selfish, self-entitled people who think everyone else owes them something…
anyone still wonder why this country is going to hell?[/quote]
Take heed, flu. All is not as rosy as it sounds with Crown56. Read between the lines. His/her credit is obviously shot. He/she is purchasing their next home on a “land contract,” lol. This likely is with an all-inclusive trust deed with an underwater “seller” who just needs Crown’s $25K to “catch up” on house payments (IF they choose to, lol). Crown will pay the seller every month in hopes that the seller will use the money (along with part of his/her downpayment) to make their payments, taxes and other recurring expenses.
Crown56 will be on title as an “owner” but will not be liable for the underlying note(s) on the property. Unless a proper “change of ownership” is filed with the tax assessor, Crown will not receive any tax bills. If he does, the seller will have no guarantee that Crown will pay them and the seller’s lender can hold the seller liable.
Only a desperate seller (or seller who could get a higher “sales price” from a sucker such as Crown) would enter into such a deal.
I am unclear if such a trust deed can be foreclosed upon. In this case, the “seller” may very well have to take a deed-in-lieu or quitclaim deed from Crown if he/she can no longer make the payments.
