Florence, AL asked in Banking and Contracts for Alabama

Q: I am the seller in a contract for deed, am I required to fill out a Verification of Mortgage?

I am the Executor of my fathers estate and he signed a contract for deed 1.5 years before he died. The 5 year contract has come to an end and the buyers bank is requesting me to fill out a VOM. The buyers bank told me without the VOM the underwriter will not give the buyer the loan. I've read that I have no obligation to fill out the VOM, only to follow the contract and receive payment. The mortgage company is aware about the contract for deed and they approved it. The Buyer and The Estate are currently in dispute over the final price of the balloon payment and it may go to litigation.

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1 Lawyer Answer
Mr. James Parrish Coleman
Mr. James Parrish Coleman
  • Business Law Lawyer
  • Robertsdale, AL

A: Required by whom? What is a "Verification of Mortgage" Probably, you have entered into a contract for deed (which is a lot tricker that you might think). Does the contract for deed violate the terms of any existing mortgage on the property? Will the "contract for deed" make the existing mortgage due at once? You've got to provide more information if you want an answer.

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