Bringing this one back up (Sorry). Now with all the new E-TIL disclosure requirements etc, I am wondering, if you do a contract for deed, what do you do if you don't have an application or purpose statement? In this case, the lender just found someone to purchase the property, hired an attorney and had the borrower sign a contract for deed. There is no supporting or other information, meaning I don't how or if they were qualified for the loan, if they CIP'd him/her, if they are using the premises for business or personal purposes, etc. (I did check and we are still considering it OREO.) Can I just rely on the lender's statements? (Nothing in writing).
It's not that I take life for granted. It's only that the good won't make it. Innocence dies, while Villany Thrives.