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I am the "Lender" .. I have property that was sold back in…

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I am the "Lender" for...
I am the "Lender" for Buyers..
I have property that was sold back in 2013. At the time, the Buyers asked if I could hold the mortage and have a balloon payment in December, 2015. At the time, we felt that it was a good idea. December has come and gone, and the Buyers could not make the Balloon. They asked for a Deed in Lieu of Foreclosure which agreed to....The problem is that they are refusing to leave the property, and refuse to pay for any of the fees that they agreed to when we gave them the mortgage. I do not want to negotiate anymore, and I feel that my lawyer did not give us good advise. In order for him to proceed with foreclosure, he is requesting us to pay him up front. I am not in a position to do this, and I have already paid him $500.00 for a Notice of default letter. I have no idea what to do, the Buyers lawyer was given to 3/4 to decide what his clients want to do regarding the fees, and I have yet to get an answer. Can I advertise in Trulia or Zillow that the property has received a Notice of Default Letter and that we will be proceeding with Foreclosure?
Submitted: 2 years ago.Category: Real Estate Law
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Answered in 1 hour by:
3/9/2016
Real Estate Lawyer: LawTalk, Attorney replied 2 years ago
LawTalk
LawTalk, Attorney
Category: Real Estate Law
Satisfied Customers: 37,876
Experience: I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.
Verified

Good afternoon Cathy,

I'm Doug, and I'm very sorry to hear of your situation. My goal is to provide you with excellent service today.

This seems like a very crucial matter for you, and your questions and issues suggest that an in-depth conversation might best suit your needs. If you are interested, for a nominal charge I can offer you a private phone conference as opposed to continuing in this question and answer thread. Let me know if you don't want a call and I will be happy continue here with an answer for you.

Either way, whether I call you or not, in order to give you a clear and concise answer, I will need some additional information about the circumstances, please.

1. Have the tenants already provided you with the deed in lieu----such that you presumably already filed the deed and are once again the legal owner of the property?

2. If there is a deed in lieu, why would you be looking at a foreclosure as opposed to a typical eviction process---or is that what you are referring to?

3. What fees are you referring to when you say they refuse to pay fees? Legal fees?

Thanks in advance,

Doug

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LawTalk, Attorney
Category: Real Estate Law
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