I have New Mexico Seller Finance Land Contract "interest only 2 year balloon". It says that it is due and payable in 2 years from the effective date, then it says that if not paid sooner 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.
We are in the process of trying to refinance the property and it turns out that the seller had a judgment/lien filed against him and this property in 6/05, 3 months after we closed on this property. We have been unable to get it refinanced due to this and we have contacted the person who filed the lien against this property - who said the actual amount could be more or less than the amount due and that they cannot discuss it with us, they have to discuss with the seller. We have been unable to reach the seller.
What do I do next?
We are in the process of trying to refinance the property and it turns out that the seller had a judgment/lien filed against him and this property in 6/05, 3 months after we closed on this property. We have been unable to get it refinanced due to this and we have contacted the person who filed the lien against this property - who said the actual amount could be more or less than the amount due and that they cannot discuss it with us, they have to discuss with the seller. We have been unable to reach the seller.
What do I do next?
