Posted by Percy on January 13, 2003 at 09:30:59:
I have seen these where an investor sold property on CFD and then sold the note to a larger institution.
If the sellers are behind, one approach maybe to offer to buy the note from the institution (At a discount of course).
Contract for Deed and Taxes - Posted by Heather -Tx
Posted by Heather -Tx on January 11, 2003 at 14:57:03:
This is one I SHOULD know the answer to, but I guess I will find out here 
Had a call today from a lady wanting to walk away from her house and just get her and hubbies name off the house. She bought it on a contract for deed though, hence the deed is still in mort. companies name. She thought all taxes ext were current, but they are not, as they are in the name of the mort company also.
How does this work ? On contract for deed who is responsible for the taxes ? I thought the owner would be, but guess I am wrong, and would like some clarification on this. Since I am still a newb I know what contract for deed is, yes, But need to know about the taxes, and also how and what could I offer the seller. Would a sub2 still work or no ? Other suggestions ? I will be looking over and getting ready for the rehab of the house 2 streets from her tomorrow… so told her I might stop by and take a look.
Any clarification or suggestions welcome. CFD is for 46K ARV 75K and Im not sure of all repairs until I see it.
Thanks!
Heather-Tx
Re: Contract for Deed and Taxes - Posted by Terry (Houston)
Posted by Terry (Houston) on January 11, 2003 at 21:41:15:
The taxes are paid by who the CFD says pays them.
Can’t say that I have heard of a mortgage company selling on a CFD though.
Are you sure the deed is not in the name of the seller who has the loan and They sold it on CFD?
Ask the lady if they are being escrowed for taxes if so the seller should be paying from that escrow. If not, your lady who is tallking to you shopuld be paying them.
Terry