Sold Property Sub2
I sold a property Sub2 to an investor. Investor made pymts for 16 months on time but has informed now they can no longer handle and wants me to take back. However, investor did $20K in repairs and updates and wants me to pay $20K to take back. I am unwilling to do this. How do I "foreclose" on the investor and take back the property?
That depends on if you have a junior TD to the Sub 2 or a wrap/all inclusive.. If not, you don’t have the ability to Quite a Title
Keep in mind that the property is securing a promise to pay and in most cases sellers sell the asset securing the promise therefore giving up all legal ownership to the buyer.
If you have a TD or wrap and they are not paying start foreclosure. Don’t pay them for their investment. If they want to give you the deed fine just make sure that they don’t have involuntary or general liens against them… If they do, you will have to foreclose
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No wrap around. Not sure what a Junior TD is, Trust Deed? Assuming I do not have a wrap around or junior TD, do I simply hire an attorney and foreclose?
turleyjft,
Glad to meet you.
If your investor has the deed in his name or entity then you need to do a Judicial Foreclosure, which an attorney can do for you.
He did not live up to the terms of your agreement. so he is out the $20K as what he did to the property as an owner is not your responsibility in other words he would be unable to file a Mechanics Lien and make it legal.
John $Cash$ Locke
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Quote:
On 2006-01-19 13:50, JohnLocke wrote:
turleyjft,
Glad to meet you.
If your investor has the deed in his name or entity then you need to do a Judicial Foreclosure, which an attorney can do for you.
He did not live up to the terms of your agreement. so he is out the $20K as what he did to the property as an owner is not your responsibility in other words he would be unable to file a Mechanics Lien and make it legal.
John $Cash$ Locke
Thanks, John. Does it matter how many pymts the buyer missed before I file a Judicial Foreclosure? Only missed one pymt so far.
Thanks
turleyjft,
No, is does not matter, as a matter of fact most mortgage payments are do on the 1st of the month by contractual agreement, but actually and I have seen it done, if the payment is not made on the first, a lender could file for foreclosure on the 2nd. This was done by a private lender in the case I saw.
The grace period is nice but do not count on it.
John $Cash$ Locke
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I do live in Florida, Tampa Bay area, and the property is in ATL, GA. Can an attorney in Florida help me with this or must i use an attorney in GA if I choose to foreclose?
It depends if the lawyer is licenced in the state the foreclosure takes place.