If I am owner financing a piece of property but my buyer is now 2 months behind in her payments, what is my recourse?

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If I am owner financing a piece of property but my buyer is now 2 months behind in her payments, what is my recourse?

I have tried to contact her with no avail. What are my rights? Can I forclose on the property? If so, how do I remove her and her belongings?

Asked on June 21, 2012 under Real Estate Law, Washington

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

If the transaction was a seller carryback loan where you sold your property to the buyer and took a promissory note and a trust deed or mortgage recorded on the proeprty securing your loan and the buyer is now two months in arrears on her payments to you, your options are as follows:

1. consult with a real estate attorney concerning the foreclosure process of your loan after you speak with the buyer and find out she cannot continue making payments on your loan;

2. serve and record a notice of default on the loan you made;

3. have a trustee's sale set for the forclosure of your loan.

Given the complicated nature of the foreclosure process I suggest that you consult with a real estate attorney about how it is done.


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