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RealEstateAnswer
RealEstateAnswer, Lawyer
Category: Real Estate Law
Satisfied Customers: 27208
Experience:  10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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IF you owner finance a home how many months to wait before

Customer Question

IF you owner finance a home how many months to wait before doing anything if person is not paying monthly payments
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  RealEstateAnswer replied 1 year ago.

Does the contract state anything regarding this?

Customer: replied 1 year ago.
I think so I have to go back several years.
Customer: replied 1 year ago.
I think 90 days past due
Expert:  RealEstateAnswer replied 1 year ago.

Thank you for the additional information. The contract should have a specific notice requirement and period of time, that must pass, prior to you taking action. It should give the party a chance to cure and bring the loan up to date, prior to you taking any legal action, against them. Seeing how everything has been good to date and now you can not get in touch with them, it is possible that something has happened, so you need to try and find out what. In the meantime, you can start the notice process and if it turns out that they are just not paying, be set up and ready to go to take legal action, since you gave them the proper notice.

Customer: replied 1 year ago.
After the period has passed what is the steps to take
Expert:  RealEstateAnswer replied 1 year ago.

At that point, you would need to foreclose/sue, for the breach of contract and take the property back. There may be language in the contract which outlines what you may need to do, so review that but if not, you need to see if they will cooperate and allow you to take the home back or if you need to sue and proceed through the court, for relief.

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Expert:  RealEstateAnswer replied 1 year ago.

I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!

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