This site is undergoing scheduled maintenance. Please check back in a few minutes.
Wolf Point, MT asked in Real Estate Law for Colorado

Q: I did an owner finance and hold the deed of trust as security, the buyer has abandoned the property and quit paying

he is 3 months behind, has changed his number and I have no way to get ahold of him, I sent a letter over 30 days ago and he has not answered do I have to forclose or can I just reposse and get the title back in my name

Related Topics:
1 Lawyer Answer
Timothy Canty
Timothy Canty
Answered
  • Evergreen, CO
  • Licensed in Colorado

A: It sounds like this was a straight sale and the property was deeded to the buyer. If title is in the buyer's name, you will have to foreclose to get it back. If you are able to contact the buyer, you may be able to get him to sign a quitclaim deed conveying the property back to you in exchange for agreeing not to sue him on the promissory note.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.