Q/Advice re: subject-to / wrap as the seller at end of 5y agreement for buyer to refi which doesn’t seem to be happening with urgency.

Edit: yes the title is butchered, was in a meeting. Sorreh.—

Hi all, lmk if I just need to talk to an RE attorney back in TX. I’m in KS now. Any advice appreciated!

Background:

In 2016, we were in dire financial-straits and “sold” our home subject-to/wrapped for cash + ongoing payments to a (responsible, and thus far ethical) investor, who ironically(?) works at a title company. The Deed transferred to the buyer, and they have made every single payment on-time to the lender (as the mortgage stayed in my name/credit, which was the point of this whole thing) The paperwork noted a 5 year timeline, after which the buyer was to seek refito drop the loan from my credit. At the end of the 5y, we mutually agreed to keep as-is for an unspecified, but limited amount of time while they worked on a refi. It’s now about 6-8 months later, and still no refi (I have an email paper trail, signed contracts).

What do?

If anything the loan on my credit has been helping to rebuild my scores, and I’m not (yet) financially-pressed, but IMO we are 100% going to enter a recession next year-ish.

I do not have strong feelings either way, because I don’t know what I don’t know. What would a savvy person do, especially with the state of the world, other than not doing it in the first place, lol.

Thaaaaanks!

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Edit: yes the title is butchered, was in a meeting. Sorreh.— Hi all, lmk if I just need to talk to an RE attorney back in TX. I’m in KS now. Any advice appreciated! Background: In 2016, we were in dire financial-straits and “sold” our home subject-to/wrapped for cash + ongoing payments to a (responsible, and thus far ethical) investor, who ironically(?) works at a title company. The Deed transferred to the buyer, and they have made every single payment on-time to the lender (as the mortgage stayed in my name/credit, which was the point of this whole thing) The paperwork noted a 5 year timeline, after which the buyer was to seek refito drop the loan from my credit. At the end of the 5y, we mutually agreed to keep as-is for an unspecified, but limited amount of time while they worked on a refi. It’s now about 6-8 months later, and still no refi (I have an email paper trail, signed contracts). What do? If anything the loan on my credit has been helping to rebuild my scores, and I’m not (yet) financially-pressed, but IMO we are 100% going to enter a recession next year-ish. I do not have strong feelings either way, because I don’t know what I don’t know. What would a savvy person do, especially with the state of the world, other than not doing it in the first place, lol. Thaaaaanks! submitted by /u/RecentAd5304 [link] [comments]

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