[katiedidit1]

Couple thought the home was secure...owner financed with 1,500 down and 1,100 a month to the tune of 60,000 invested BUT the owner was not paying the bank..over 42 homes are being foreclosed on in Christian Co., MO. Not that the people were not paying their loan...rip off btw this is a white area with very hard working folks

[KoRn]

That whole thing doesn’t sound like it was on the ‘up and up’, and I don’t believe that news report was telling the entire story.

[org.whodat]

They are not being forced out of their homes, when you buy something on a land contract, you own nothing until the last payment is made. Have you ever heard of a little venture called white water.

[Huntress]

This story doesn’t surprise me a bit. I practice law in Christian and Taney Counties, and I see these kinds of real estate deals go bad all the time.

Usually there’s some problem with the property or the parties’ credit that makes it impossible to do a straightforward sale with a bank financing the purchase—the buyer may not qualify for a loan, the property won’t pass inspection for a conventional mortgage, the seller’s existing loan on the property is undersecured, or, sometimes, the seller doesn’t even tell the buyer that there’s already a lien on the property.

So buyer and seller do some sort of “owner-finance” or “contract for deed” type deal and no title search gets done. When the bank with original lien stops getting paid, the deal blows up, and then I get hired to try to fix it.

[RKBA Democrat]

Looks like a land contract of some sort gone bad. They’re a rotten deal and probably should be illegal. When there are a lot of zeros involved, though, the law seems to fall on the side of the crook.

[arthurus]

What is the link to the Romney sound bite video? I know some people who still need to see it .

[cherry]

There is only ONE Spokane......