Hi, Anita, Thank you for your additional information,
These people seem to want to take your property and not pay you, or have you wait for payment. But, you are not going to let it happen. You should tell the broker that you will not sign the Deed over to anyone, unless there is an Agreement between you and the new buyer that you are going to be paid from the proceeds of the loan they are getting, Period! No "ifs", "ands", or "buts" about it. As an additional measure of security, they must tell you the date, time and location of the closing and they are to instruct the title company who will be distributing the loan proceeds that you are to be paid first. Otherwise, you will take the property back because (1) you never gave your written consent to the sale; and (2) Your buyer under the land contract is in default in that he has not been making the payments to you on time.
Under no circumstances should you sign anything. The only thing that you will sign, and only after you see a check with your name on it, is the deed. You should not get involved in the buyer's dealings with HUD or any other government agency. You do not know what documents they will place in front of you and ask that you sign. If you do not have a lawyer and they do not submit these documents in advance, you should SIGN NOTHING!!! Pure and Simple. It could not be more simple.
In summary, here are the steps you MUST take:
1. Contact the broker as soon as possible and tell him or her that you will not sign the Deed, or anything else unless there is an Agreement in place, signed by the buyer that states that you will be paid in full from his loan proceeds;
2. The broker must notify you in writing of the date, time, and place of closing;
3. The broker must give you a copy of the letter to the title insurance company, instructing them that when they distribute the loan proceeds, you and your bank will be paid first;
4. If the above steps are not taken by the broker, tell the broker that you will not give your consent to the sale and that you will take the property back because your buyer under the land contract is in default anyway and in which case, he will lose all the money he has paid to date under the Land Contract;
5. Do not sign any documents. Once you get the check in your hands, only then will you sign the Deed. You are not required to sign anything else, Period!
Please be kind enough to rate "Excellent Service" so that I receive credit
for assisting you,
Bonus and Positive Feedback on survey is very much appreciated,