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I think we went to stupid university and made a mistake, and I'm just wondering what you would do in our case.

We bought our home about a year ago, and when we bought it, we understood it was seller finance,

but the day we went to sign the papers like we didn't

hire a lawyer in advance that was probably our biggest mistake when we got there it turns out it

was more of like a seller cake back like they didn't give it to us with their money they are

using the loan they previously had i did not realize that was like weird so would you be concerned if you were me? Like, would you go refinance right now? I don't understand. What do you mean? They're using the loan they previously had. What do you mean? They didn't pay off the home with the money that we gave them to, okay, so we paid like a $1 million home.

We paid $750 but still owed that extra like $300-ish, and they just kept the loan they

previously had.

So they're not financing it out of their money.

What is the balance on that loan?

So the balance on their loan is $3, and we owe them $380.

So we borrowed $60,000 from them, and then the overall balance is $320 on the house.

Is the house been put into your name?

Yeah, we have the title.

So that's right.

I thought we were all above board, but then I looked at it today online, and it said it was a seller takeback loan. And I was like, I've never even heard of that before today. I don't know that

was a thing. Something somebody made up on TikTok. I've been doing real estate 40 years. I've never heard

that phrase. So seller takeback. What this is is an illegal loan though, because when the mortgage company finds out, and they will, when they

discover, for instance, that the homeowner's insurance that has to be reported to the mortgage

company is not in the seller's name, it's in your name.

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