What Options Do I Have
About 10 years ago I sold a house. When we sold the house we did all the titlte paperwork and the buyer assumed my loan i had with my lender. We never informed the lender of the process. The buyer makes all payments on time and even pays 150.00 extra every month. My question is I would like to have this property off my report. In the original contract the buyer agreed to refinance in 12 months, before we closed a situation arrose and the contract was rewrttin. I have always thought of calling the lender and informing them of the sitiuation hopefully to force the buyer to refinance. The lender can call the loan due and payable in full and if I dont pay they forclose on me and the house. I doubt if this would happen but who knows. Over the years the buyer keeps telling me they are working on it. Any input would help. The buyer had a bankruptcy years ago and extreme medical bills from one of his children.
My guess would be to get a lawyer and force the issue. With your buyers years of equity buildup, there should be no problem for them to re-fi. It might save them money due to a probably lower interest rate.
:"When we sold the house we did all the titlte paperwork and the buyer assumed my loan i had with my lender. We never informed the lender of the process"
Please understand this: Without the lender's written consent, there really was NO complete a**umption of the loan, and that lender might have called the loan due anytime, as per its DOS clause.
On any real a**umption, the seller needs to accompany buyer to the lender and see that the buyer does apply & qualify as the a**uming buyer...otherwise the lender might call the note even thought the buyer is making payments on time and is in full compliance with the terms of your loan.