Legal Question in Real Estate Law in Indiana

I own 4.5 acres in central Indiana. In november of 2007 I bought and financed a new manufactured 3 bedroom home and moved in just before christmas. I was 52. 1st.payment due january 15. All paperwork was done at the dealer.I requested 15yr.note. I was singing a 15 yr. In november 2017 i was going to look over my contract and found i have a lot of papers but no contract. I contacted the finance company ask for a copy. After receiving the copy i was Shocked to see it is a 25yr note. Unbelievable. I have never never in my life had a 25yr. on anything..Legally where do i stand ? If mortgage company wont work with me on this matter. I wanted this to be payoff when im 67. They want deed to my land. What if i was to just stop making payments ? I own this land and not going to give my deed up. i paid 60k just for my land and its mine. The deed should have been done at time of purchase. They messed up. So did I too to be tricked into a 300 payment contract.Im sure they would sue me. Looking forward to your answer. Thank You for your time.


Asked on 1/08/18, 7:59 am

1 Answer from Attorneys
Kenneth Wilk Rubino Ruman Crosmer & Polen

No one should EVER conduct this kind of transaction without having a lawyer.

If the 25 year note has your name on it, it means that you signed it without looking it over carefully.

You need to pay this off immediately in full and you won't lose anything. Refinance if you can. You must pay the loan, or you will lose your home and probably the land as well. Go see a lawyer to help you correctly weigh all of your options. This is not a DO-IT-YOURSELF project.

Read more
Answered on 1/09/18, 8:44 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in Indiana