carrying mortgage, purchaser not paying, due on 10th of month, it is three weeks late. How long until I forclose? What is the process to get him out? Help needed on process.
2006-08-29 04:32:10 · 7 answers · asked by lender 1 in Business & Finance ➔ Renting & Real Estate
hello, here's an easy
link with info and offers on mortgages:
http://finance.ebookorama.com/
also perhaps here:
http://credit.ebookorama.com
http://credit-repair.ebookorama.com
http://credit-cards.ebookorama.com
if you get any luck please don't forget about me lol, hope it helped you, thanks!
2006-08-29 13:26:16 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You are going to need an attorney at best. I would hope you allowed for the payment of attorneys fees when you issued the note. Is this the person's first missed payment or is it chronic? Most lenders wait 2 to 3 months before filing formal proceedings.
There are non judicial foreclosure options as well. In lieu of deed is the most common. The person just returns the property thus avoiding all of the negative aspects of a judicial sale. It is not necessarily a bad thing. I have taken back several properties sometimes more than once and have always made more money on subsequent sales.
If the person is interested in selling, you could forego your payments until the sale in exchange for an additional fee or % of the sale's price. Take a lemon and make lemonade!!!!!!!!
2006-08-29 04:41:33 · answer #2 · answered by Sam B 4 · 1⤊ 0⤋
You'll need to contact a \Real Estate attorney to review the contract you and the other party setup. It is all going to depend on your specific situation. Good luck, I hope it all turns out well.
2006-08-29 04:39:14 · answer #3 · answered by ufdan25 2 · 0⤊ 0⤋
Send demand, failure to pay after demand causes you to get an attorney and file foreclosure proceedings against them. Let the scales swing.
2006-08-29 04:40:03 · answer #4 · answered by newmexicorealestateforms 6 · 0⤊ 0⤋
Send letter of default and file complaint with court for foreclosure.
2006-08-29 04:37:50 · answer #5 · answered by The Man 4 · 0⤊ 0⤋
Contact an attorney for advice specific to your location and situation.
2006-08-29 04:35:44 · answer #6 · answered by Bostonian In MO 7 · 0⤊ 0⤋
FORECLOSE AFTER 31 DAYS AND GET A LAWYER TO WHACK HIM WITH LATE FEES , DEFAULT ON CONTRACT , AND MALFESANCE
2006-08-29 04:36:28 · answer #7 · answered by Anonymous · 0⤊ 0⤋