Dallas Divorce Lawyer Blog
Below is the story of a real estate transaction gone wrong.
What Happened?
Almost 20 years ago, Reed agreed to buy about 600 acres from Bill in Kaufman County with Reed making monthly payments for 15 years. Bill later borrowed money from American National Bank, which is primarily located in Kaufman County in Forney. To pay off the loan, Bill assigned the monthly payments to the bank, and Reed began paying the bank. The IRS later had claims against Bill and instructed Reed to pay them. Because Reed was confused on whether payments were owed to the bank or the IRS, he missed at last one payment. As a result, Bill claimed Reed was in default, that the property was forfeited, and Bill sold the property to a third party and paid off the debt owed to the bank.