I have a contract for deed that I signed on 3/14/05. It is a 2 year balloon note for mobile home/land in the state of NM. My mortgage broker states that it is really a 30 year note for the following reason:
Then it what the contract says: Payable as follows: Balance due Seller shall be paid by the execution of this Contract which Buyer agrees to pay in monthly installments of $XXX.XX commencing 14th of April 2005 and on the 14th day of each successive month thereafter until two (2) years from the effective date, at which time the entire remaining Balance Due Seller together with all accrued interest shall be due and payable in full.
Then it says: If not sooner paid pursuant to the terms of this Contract, the entire Balance Due Seller shall be due and payable 30 years from the date of first payment.
So which is it? Would the 30 year statement be legally enforceable?
This is all listed at the bottom of the first page. Should I contact the seller about this?
Then it what the contract says: Payable as follows: Balance due Seller shall be paid by the execution of this Contract which Buyer agrees to pay in monthly installments of $XXX.XX commencing 14th of April 2005 and on the 14th day of each successive month thereafter until two (2) years from the effective date, at which time the entire remaining Balance Due Seller together with all accrued interest shall be due and payable in full.
Then it says: If not sooner paid pursuant to the terms of this Contract, the entire Balance Due Seller shall be due and payable 30 years from the date of first payment.
So which is it? Would the 30 year statement be legally enforceable?
This is all listed at the bottom of the first page. Should I contact the seller about this?
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