Can we sell our property for cash and pay off the lien holder even though we received a notice of intent to accelerate maturity of note
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Can we sell our property for cash and pay off the lien holder even though we received a notice of intent to accelerate maturity of note
We’re behind 2 payments as of this
month. We received a notice of intent
to accelerate maturity of note but we
have a cash buyer that would pay off
all debts. Can we still sale the
property and have the lien holder sign
off of the warranty deed?
Asked on May 23, 2016 under Real Estate Law, Texas
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
Yes, you can. The notice of intent is a warning that action will be taken in the future, if you don't correct the default, but no legal action has been taken yet, and so your right to sell (or lease out) your property has not been impaired. The lienholder almost never actually wants the property--it wants the money. Selling the property for cash and paying the debt is what it most likely would want, anyway.
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