I have a home in Texas. I still have a mortgage in my name. I have sold it. Owner Financed to this

Richard
Home Buyer
Pharr, TX

person
I recorded it at the county clerks office.
This person has not made a payment towards the note.
It has been 150 days
The note stipulates vacating the property on the 151st day.
I just want to recover the property and nothing else.
What do I do?

Answers (7)
Lynn911.com Dal...
Agent
Dallas, TX

Difficult to state unless you reviewed the contract executed by all parties. Best to consult with an attorney more than likely court proceedings for eviction. However in the future till the note is paid in full best not to transfer the title.
http://www.lynn911.com http://www.homes-for-sale-dallas.com

Web Reference: http://www.lynn911.com
Mon Dec 1 2008, 10:40
Margaret T Hatc...
Agent
Montgomery County, TX

David gave the correct answer. We are not to answer legal qquestions or give legal advise. Wraps are no longer done by Title companies or most Real Estate Attorneys in Texas and we are not to do the contracts our selves anymore because of the problems that do come up. Contact a REAL ESTATE Attorney. YOU are now delinquent.
Margaret

Mon Nov 24 2008, 06:44
T.E. Sumner
Agent
Rockwall, TX

WIthout seeing your documents, it sounds like you did a wrap note. Go back to the attorney who prepared your documents to get help. You first need to file a demand for payment with the buyer. If he does not respond, you will need to foreclose the wrap note deed of trust. Do not attempt to evict the current owner or occupant, since you do not have a lease under which you could sue for focible detainer. First the non-payment of the note must be dealt with.

The attorney who prepared your deed, deed of trust and wrap note is the correct person to start with. You must follow procedure to get the property back under foreclosure. If that attorney does not want to help you recover the mortgaged property, I can give you the name of an attorney to work with you. Send an email to my profile. If you do not have a deed of trust on your wrap note signed by the buyer, it will be far more complicated and costly.

You're likely looking at a 45-60 day process right now if you act prudently but soon. Once you have title, eviction can then proceed. Usually that takes another 30 days.

Sun Nov 23 2008, 12:52
Scott Godzyk
Agent
New Hampshire

If you have a mortgage in your name with a mortgage company and sold the house financing someone else and not paying off your mortgage you could be in trouble. If you did not have a mortgage and owned the house outright and financed someone then you will have to foreclose on the property. Either way there is no easy way to do it, you will need a real estate attorney who can do the foreclosure for you in teh second case or advise you what to do if it is the first case. You may want to try and negotiate with the person who bought your house to se if they will leave voluntarily. Good luck either way

Sun Nov 23 2008, 12:40
Cameron Piper
Agent
Minnesota

Richard,

Rereading your question you really need an attorney.

If you transferred the title into their name and you still hold the mortgage (not that you did) you might be in a world of trouble. In this case you will need to enforce whatever contract you have that says they will pay you, but you won't be able to evict or foreclose unless your contract provides you with that right.

Cameron Piper

Web Reference: http://www.campiper.com
Sun Nov 23 2008, 12:38
Cameron Piper
Agent
Minnesota

Richard,

David hit it right on the head. Call an Attorney.

You can also call the local district court office and ask them what the procedures are for eviction. Chances are however that you won't be getting the property back tomorrow. Foreclosure or eviction (depends on the contract and the state) are complicated processes and will take some time and money. Hopefully you got enough down payment to cover your costs. If not, you just learned a very expensive lesson.

You might also talk to the person (do this before threatening them with court) and see if they are reasonable. Some people might have a decent head on their shoulders and understand that they are wrong and simply vacate (not tomorrow but quickly) and give you the property back without going to court. It never hurts to ask anyway.

Cameron Piper

Web Reference: http://www.campiper.com
Sun Nov 23 2008, 12:35
David Chamberla...
Other/Just Looking
St Petersburg, FL
FIRST ANSWER

get a lawyer and go to court.

Sun Nov 23 2008, 12:03

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