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WiseOwl58
WiseOwl58, Lawyer
Category: Real Estate Law
Satisfied Customers: 3620
Experience:  Experienced real estate lawyer and real estate broker.
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I bought a property to build a spec home with an investor.

Customer Question

I bought a property to build a spec home with an investor. Owner finance 200k ranch property.
The invester put up 49k for the down
I paid all closing costs. The investor put his wife on title and for last two years I've paid all payments and interest
I owe 125k. The investor was supposed to put up building costs in year one he did not then again in year two he did not.
His Finacial situation changed after the first few months of purchase.
I've been making payments as to not loose the property by default 3 year quarterly and interest payments ballon due 4/17 115k but now I'm just throwing good money after bad. I've tried to list the property but investor is MIA and not taking phone calls since his wife is on title I cannot list with out her signature per the realtor. What are my options
I do not think he has a lien on property I believe he did not file that.
Nevertheless less I want to sell at about what I owe or a bit more if possible. (property sales and comps are rare in the area).
What are my options?
Submitted: 8 months ago.
Category: Real Estate Law
Expert:  WiseOwl58 replied 8 months ago.

I think you have to sue the wife to foreclose on the property. You would sue her in the county in which the property is located. However, if she is MIA, like her husband, then the court has procedures for service by notice, i.e., publication in a newspaper.

I really suggest that you hire a lawyer to do this, as it is somewhat complicated, and you don't want your foreclosure action to get thrown out of court on a technicality.

Please rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.

Expert:  WiseOwl58 replied 8 months ago.

Please rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.

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