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I have a trust deed /deed of trust contract(seller finance)..

Customer Question
I am concerned on the...
I have a trust deed /deed of trust contract(seller finance).. I am concerned on the buyer of the property, "what happens if the buyer loses employment because of our economy struggles? Now i know it is not his fault and in this situation i should hold off with a foreclosure because of the situation in hand. What happens if the buyer loses his job because of the economy struggles? How long am i suppose to wait untill the buyer he finds a job before forclosing - or do i wait it out untill things get better? How do i play this senario? I really dont want to foreclose on the buyer but if i am in need of cash myself is there a routine that to follow? thank you... Seller Finance is when a buyer and a seller of a property get together and make arrangements and agreements that the buyer is paying making payments to the home seller untill the payments are paid for in full...
Submitted: 8 years ago.Category: Real Estate Law
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Answered in 14 minutes by:
6/16/2010
Real Estate Lawyer: Infolawyer, Lawyer replied 8 years ago
Infolawyer
Infolawyer, Lawyer
Category: Real Estate Law
Satisfied Customers: 63,754
Experience: Experienced lawyer
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Hello and thank you for your question.What precisely do you want to know?
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Customer reply replied 8 years ago
If you are familiar with Seller Finances and are recieving payment /monthly payments from the buyer of the property. The buyer just has gotten laid of from his job because of the economy struggles and not because he got fired or nothing bad in that sense. What happens now? Does the buyer ask for aid from our government to help pay his mortgage? Or do i as the Mortgagor the person recieving the monthly payments, do i ask for help from our government to compensate me to help pay for the mortgage the monthly payments because of our economy struggles? Can we get help aid etcetra in this situation? Can you maam see this situation is thier someone to aid us, i really do not want to foreclose on the buyer because of the economy's misfortune...
Real Estate Lawyer: Infolawyer, Lawyer replied 8 years ago
I am going to open this to my colleagues.
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Customer reply replied 8 years ago

Thats fine, okay yes. Waiting for your response.

Real Estate Lawyer: Infolawyer, Lawyer replied 8 years ago
You welcome.
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Customer reply replied 8 years ago
Hi guys, how is that question coming? If you guys cannot find the answer i have another question relating with the same topic real estate note (seller finance)...
Real Estate Lawyer: Infolawyer, Lawyer replied 8 years ago
No one has taken over yet.
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Customer reply replied 8 years ago
Should i try another question only because i can see this first question maybe alot into detail and it would be to hard to find. Is it ok if I try another question in replace?
Real Estate Lawyer: Infolawyer, Lawyer replied 8 years ago
You can wait or choose to post a new question under separate thread.
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Customer reply replied 8 years ago

ok but i believe i was charged towards the first question if i noticed correctly through my bank account but the first question was never answered yet. I do want to ask a seperate question also, should i go ahead and ask the next question?

Real Estate Lawyer: Infolawyer, Lawyer replied 8 years ago
You can ask a separate question here or another thread but on this one it is open to other colleagues and will get notice when one of them takes over.
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Customer reply replied 8 years ago

In a real estate seller finance promissory note contract in case if the buyer of the property defaults then the seller of the property(the seller is recieving the monthly payments), in case if the buyer of the property defaults can the seller still foreclose on the buyer? Now remember Obama our president had passed a new law stating that the buyer of the propery in case if the buyers lose thier jobs employment because of our economy issue the lending companies cannot foreclose on the buyer right away ect! Now this law maybe has passed? If the buyer does lose his job because of our economy's issues, when will it be ok for the seller the person recieving the monthly payments/ when will it be ok for the seller to foreclose on the buyer? Now remember the new Obama law has passed or may has passed, when will be ok for the seller the person recieving the payments/ when will it be ok for the seller to foreclose on the buyer or is it okay for the seller to foreclose on the buyer because of the new Obama law and why or why not?? thanks guys!

Real Estate Lawyer: Infolawyer, Lawyer replied 8 years ago
No one has taken over yet but you will get notice when someone does.
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