How do I foreclose on a lot?
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How do I foreclose on a lot?
Sold lot 2 years ago and held paper with a balloon payment in June. Buyers said they do not intend to pay. What can I do?
Asked on May 12, 2009 under Real Estate Law, Florida
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
You need to consider this an anticipatory repudiation (they don't intend to comply with contract and in fact, intend to breach) and foreclose. How to foreclose:
You need to determine in your state if you must do judicial foreclosure or non judicial foreclosure or if you have an option.
In order to do that, your best is to have a foreclosure attorney handle the matter (help with publication, notices, issues of deficiency judgments if you intend to sell the lot at a foreclosure sale). Try www.attorneypages.com for a foreclosure attorney.
In terms of your state: it appears on a brief overview you have judicial foreclosure and it can take up to 135 days or so.
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