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Me and my partner have sold a house we had in Memphis, TN to…

Hi!Me and my biz partner...
Hi!Me and my biz partner have sold a house we had in Memphis , TN to someone who was credit challenged. So he gave us a down payments and we put him on a monthly payments plan until the house balance was paid off or until he can get permanent financing. Well he was making his payments steady for the first couple of years then a few months ago he stopped making payments. WE made several requests for him to make payment but was ignored. Now we would like to foreclose on the house and take it back. How can we go about doing this? We would even hire the services of a third party if there is anybody out there who specializes in this.
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Answered in 1 hour by:
3/2/2018
Lori
Lori, Lawyer
Category: Real Estate Law
Satisfied Customers: 2,080
Experience: Real Estate Attorney with over 25 years experience
Verified

Hello. Let me see if I can assist. If you obtained a promissory note an mortgage to evidence the seller financing, you will need to file suit for breach of the promissory note and to foreclose on the mortgage. You will need to draft a complaint to file with the court as well as a Notice of Lis Pendens.

I recommend you retain a local attorney in Memphis to handle the foreclosure for you. You can find local attorneys on the Tennessee Bar Attorney Referral Service:

http://www.tba.org/info/find-an-attorney

Feel free to ask any follow up questions.

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Customer reply replied 4 months ago
what kind of specialty should we look for? Can we find out from the bar if any lawyers hae experience in this kind of thing?

You need a creditor foreclosure attorney (civil litigation). Yes, the bar can point you in the right direction.

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Lori
Lori, Lawyer
Category: Real Estate Law
Satisfied Customers: 2,080
Experience: Real Estate Attorney with over 25 years experience
Verified
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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