Vendor Lien Deed
We sold real property three years ago which we financed and gave a vendor's lien deed. He has made all mortgage payments timely. He has had financial and personal problems and he now has the property up for sale. We learned that he has a buyer and his friend told us that he intends to collect the sales price of the property in cash, and leave the country. If this happens, can we take posession of the property? What are the rights of the ''new owner''?
1 Answer from Attorneys
Re: Vendor Lien Deed
Most notes and mortgages allow the mortgagee to place the loan in default if it has good reason to believe that the mortgagor may be in financial trouble. Check the default provisions in your note and contact a local attorney asap. It only gets more complicated if he sells it and leaves the country.