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I hold a mortgage on property that I sold to an individual…

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I hold a mortgage on...
I hold a mortgage on property that I sold to an individual who is now 4 payments behind. He is no longer living in the house and I can't reach him by phone. I have sent him a registered letter of my attention to seek foreclosue which he did not respond to and did not sign for from the post office. The letter was returned to me unclaimed with no forwarding address. Also he has not paid any house payments. My LLC sold this house May 2010.   
What is the next procedure I should take? I would like to resolve this without going through the judial system and the auctioning of this house. The transfer of the property back to me would be satisfactory but I don't know what to do next. Please advise. Thanks
Submitted: 8 years ago.Category: Real Estate Law
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6/13/2010
Real Estate Lawyer: Legalease, Lawyer replied 8 years ago
Legalease
Legalease, Lawyer
Category: Real Estate Law
Satisfied Customers: 16,440
Experience: 13 years experience in RE Law, including LL/Tenant, contractor disputes, comm'l prop. issues
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Hello. You now have to go through the formal foreclosure process in order to have the title transferred back over to you. In South Carolina, you must file a complaint for foreclosure with the local district court in the county where the property is located. A judge will then determine whether or not the borrower is in default and, if the borrower does not respond to the summons, the court will set a sale date. Here is a very good website that sets out the procedures for foreclosure that you must follow in SC: http://www.realtytrac.com/foreclosure-laws/south-carolina-foreclosure-laws.asp

 

Unfortunately, there do not appear to be any readily available SC foreclosure complaint forms that I can refer you to online. However, there is a book available from the SC lawyer's bar association (continuing legal education section) that explains the entire process and has forms included at the back. As lawyers, we use these CLE books quite frequently in all of the states when we are getting into an area of the law that we might not have had a lot of involvement in (even lawyers need instruction books if we are unfamiliar with a particular legal area). Basically, it is a practice manual -- and it may be helpful for you because it includes step by step instructions of how to foreclose in SC -- that is, if you want to try to handle this yourself without the expense of an attorney. Here is a link to the publication: http://miva.scbar.org/merchant5/merchant.mvc?Screen=PROD&Store_Code=scbcle&Product_Code=727&Category_Code=REAL

 

Other than handling this yourself, you may want to consider putting it in the hands of a lawyer who specializes in RE foreclosures. If SC were a non-judicial foreclosure state, the process would be much easier for you to accomplish on your own -- but because you must take this through the court process, my suggestion is that you hire a lawyer or at least use the lawyer's practice manual as a guide.

 

GOOD LUCK

 

Please press the GREEN ACCEPT BUTTON so I will be paid for my time.

 

THANK YOU



Edited by Mary M Esquire on 6/13/2010 at 7:58 PM EST
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