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IF you owner finance a home how many months to wait before…

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IF you owner finance a...
IF you owner finance a home how many months to wait before doing anything if person is not paying monthly payments
Submitted: 2 years ago.Category: Real Estate Law
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Answered in 5 minutes by:
1/21/2016
Real Estate Lawyer: RealEstateAnswer, Lawyer replied 2 years ago
RealEstateAnswer
Category: Real Estate Law
Satisfied Customers: 31,480
Experience: 10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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Does the contract state anything regarding this?

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Customer reply replied 2 years ago
I think so I have to go back several years.
Customer reply replied 2 years ago
I think 90 days past due
Real Estate Lawyer: RealEstateAnswer, Lawyer replied 2 years 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.

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Customer reply replied 2 years ago
After the period has passed what is the steps to take
Real Estate Lawyer: RealEstateAnswer, Lawyer replied 2 years 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.

Please let me know if you have any follow up questions or need any clarification on something which I stated above. Also, remember to rate my service at the top of this page, before exiting the site, so I can receive credit for my help. I hope you found it to be Excellent! Only rate my answer when you are 100% satisfied. If you feel the need to click either of the two lower ratings to the left, please stop and reply to me. I want to make sure your experience with the site was as pleasurable as possible and that you are satisfied with the help I provided.

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Real Estate Lawyer: RealEstateAnswer, Lawyer replied 2 years 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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