Hello, I own land and a mobile home in mississippi that i owner financed to a couple some years back, the couple recently died with out a will and the son is asking that I re-write the contract in his name. my question is what are my options and is it wise to re-write this contract?
1 Answer from Attorneys
As to the estate, your options are to comply with any remaining obligations in your agreement and enforce your rights against the estates, default in your agreement obligations, negotiate a change in your agreement with somebody who has authority to act on behalf of the parent's estate, open the probate of the parents' estate, or file bankruptcy for the parents if you are still their creditor. As to the son, you can make an agreement with him to convey whatever interest you may have in the property or to assign to him your rights in his parents' contract if the transfers are not prohibited by the contract. The son can only be substituted for his parents' rights under the contract by a writing in which the parent's estate administrator agrees to transfer or release those rights to the son.
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