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Ask Loren Your Own Question
Loren, Attorney
Category: Business Law
Satisfied Customers: 28556
Experience:  30 years experience representing clients .
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In 1999 we sold a property with a Wisconsin Land Contract.

Customer Question

In 1999 we sold a property with a Wisconsin Land Contract. The vendee is now at least 9 months behind in paying, has not paid the second 1/2 of 08 taxes, and has piled up second mortgages (forebidden) to well over the FMV considering our current balance due. He is also under investigation by the US Treasury Dept. and may be indicted soon.
What is our best course of action? Can the US Govt. sieze our interest?
Submitted: 7 years ago.
Category: Business Law
Expert:  Loren replied 7 years ago.
What does the contract provide for seller's remedy in the event of buyer's default?
Customer: replied 7 years ago.

Remedies are

Strict Foreclosure, sue for specific performance full payment plus interest, sue for unpaid purchase price, or declare contract at end and remove contract as cloud on title, or have purchaser ejected from property and receiver appointed (what is a receiver?)

and vendee is obligated for our attorney fees.

Expert:  Loren replied 7 years ago.
The cleanest remedy is to foreclose on their interest. If done properly, it will erase all subordinate claims. The mortgages appear fraudulent and they should be taken off the property as the buyer had no authority to use the property as security. A title report should have disclosed your interest.

Do not try to do the foreclosure yourself. It is statute driven and any minor error in execution could seriously prejudice your recovery.

Good luck. I hope it goes ok for you.