how do I foreclose on a property I seller financed?

Asked by bev.larson, Los Angeles, CA Wed Aug 8, 2012

Trust Deed, int only with balloon due in 16 months for $260K and they/or house will not qualify for new loan, and have always been in default over 2 yrs on taxes.

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8
Ken Dorfman, Agent, Los Angeles, CA
Wed Aug 8, 2012
First of all, contact a real estate attorney. On the other hand, if you can sit down with your former buyer and a realtor, you may be able to work something out through negotiation and simply do some sort of short sale.... Please contact me and I will be more than willing to help you understand the process..
1 vote
Terri Vellios, Agent, Campbell, CA
Wed Aug 8, 2012
The details of how your documents were drawn up, what action you have been taking to this point will determine what you can do.

As suggested, talk with a real estate attorney. They will need to see all your documents. Such as promissory note along with Trust Deed. The attorney will review What your rights are within the promissory note,

All the best to you.
Web Reference:  http://www.terrivellios.com
0 votes
Doug Zeller, Agent, *, CA
Wed Aug 8, 2012
No different than any other type of foreclosing process. But check with your attorney!
0 votes
Steven Ornel…, Agent, Fremont, CA
Wed Aug 8, 2012
Bev:

Personally, I would hire a Real Estate Lawyer to execute the foreclosure properly and also advise you of any other possible damages that might be collected due to a Buyer's breach.

-Steve
0 votes
Steve Quinta…, Agent, Albuquerque, NM
Wed Aug 8, 2012
Consider "cash for keys", where you pay the buyer to move out peacefully and give up all rights.
0 votes
Bill Eckler, Agent, Venice, FL
Wed Aug 8, 2012
There's always more to these scenarios than meets the eye. We would strongly recommend seeking the advice of an attorney on matter of this nature.

Good luck,

Bill
0 votes
Lance King, Agent, San Francisco, CA
Wed Aug 8, 2012
It's pretty much the same process. A while back I looked into foreclosing on a note I held on a piece of property my ex-partner wanted to keep. There are companies who will expedite this but I would consult a real estate attorney
0 votes
James Gordon…, Agent, Hamilton, OH
Wed Aug 8, 2012
You need to contact a real estate attorney to do a forclosure if that is the route that you want to go. Thankfully it sounds like you have a properly recorded note and mortgage to have the attorney start with.
0 votes
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