who holds the title

Sandi

If he catch up the payments he could also do a lease with option to buy, until everyone gets on track with their finances. Just a suggestion.

Jim

He did that while around the time he fell behind. People wanted the house for sure. He lives in a huge camper trailor on the property. And they gave him a 2 day notice they were moving, and couldn't pay rent anymore. He got stuck with the months rent, and they did some minor damage on their way out. He really was upset and they finally paid the months rent. I told him next time, have these people put more down up front, and be sure they are actually working with a lendor. He will be more cautious now.
And hoping a land contract or owner financing, will give him money to catch up on payments and have some cash flow. I am still working with another person to see if they can assign it for him. So he will have some options.
Thanks
Sandi

Still have the question, during a land contract who holds the title, and would the buyer make a payment to a title company? If so how does the seller get their cash flow part of the payment.
And is this the same as the owner financing, or would something be done different?
I did buy a home 30yrs ago on a land contract, and the owner was an atty and took care of everything for us, so I don't remember how this worked.
Thanks
Sandi

Sandi Run your questions by Dean's Coaches, see what they say about it.

Jim

The 1st place mortgage holder holds title / the current owners, lender.
Is there any other debt on the property, 2nd, Heloc, etc?

One of the houses, has one mortgage. I looked at another house last weekend and it is paid the title is clear.
Recently someone did a post, that they lost a house they put money down on and paid the owner and he never paid the mortgage. So they were in a mess, lost their money and got evicted in a foreclosure.
They were told they should have paid the title company to protect themselves.
The family I am working with might consider a lease sandwich, "might" they will talk with me about it.
So in both situations, can the buyer pay direct to a title company does that sound right? If so how does the owner get their cash flow. So who should really get the payment to protect everyone, and in a land contract, what protects the buyer so there is record of these payments for the purchase esp if there is a mortgage?
Hope I explained that right. Really is a simple question, just don't know if I asked it right.
I thought this may help others on here to know how to handle this. I will on Monday call the coaches, but was hoping to know this before I talk to the owners on Sunday.
Thanks
Sandi

So the title stays with the owner till paid, then how can a person protect themself as the buyer, that the payments were being paid on a mortgage, and if there is no mortgage, how does the buyer still protect themselves.
If the lease option "buyer" pays me and I pay the owner, where is the protection for my buyer and the owner to whom I would be paying?
Or even on the land contract.
Want to assure owners when I talk to them, they will be protected also.
Sandi

Use an escrow company. The tenant pays the rent/lease directly to the escrow company, the escrow company pays the owners mortgage then disperses what is left to the owner. In a sandwich lease the tenant is you. Your tenant pays you and you pay the escrow company the amount of monthly rent on the lease between you and the seller and you keep the rest.
Sandi, don't you have the SFL training? If you do, watch Greg Murphy's section. I am pretty sure this is covered, if not its in Dean's books.

Michael Mangham
MD Home Acquisitions LLC

Thanks, that is what I was looking for. I did watch Gregs sandwich lease, but after seeing the post from that family who got stuck a while back, was more concerned. Will go back to SFL and watch that part again, didn't remember him saying that, but may have missed it.
And that would be the same for a land contract?
Sandi

Need to shut down the computer for a few hours, but I appreciate all of you for helping me on this. Now at least I feel more confident when I talk with the owners tomorrow.
I tried helping the owner in Dodgeville that was trying so save his home from foreclosure, and was able last week to sound better at helping him. Though there wasn't much room to help him from my end, he has remained in touch with me and thanked me for my support and answers to his questions.
People on these posts help make this possible. Our coaches are awesome, but when each of you give some help from experience and knowledge, it makes it more realistic. And my thanks is very sincere!!
Was so terrified to do anything, but all you help remind me that I am not alone!!
Thank you guys for caring and helping.
Sandi