Submitted by SurfCityTom on Fri, 11/14/2008 - 5:38am.
serves me correctly, there may be a legal requirement to record the document if its term is greater than 2 years. This was a 10 year contract for deed.
A couple of follow up points:
1. During the time payments were made, who maintained insurance on the property?
2. During the time payments were made with an interest rate of 9%, were the Buyers provided with an annual interest statement for use in filing income tax returns?
3. The file, at the Courthouse, is a public record. If the bank dismissed the action, there will be a letter to the Clerk of the Court in the file.
If the action was merely postponed, there will be confirmation from the Bank's attorney to that effect.
Someon should take a look at the file.
If Memory