Q: Sold property to a friend. He said he was going to sell. It and he said had a contract, I hold the mortgage
he has not paid Octobers payment in full. I haven’t heard from him. Has been late for since the beginning. And November is due in two days. I cannot contact him or get a hold of him at all. Can I foreclose?
A: Unless the note or mortgage provide for a length of delinquency longer than 30 days, you can begin the foreclosure proceedings upon proper notice of the default and acceleration of the mortgage. Schedule a free consultation to ensure you are ready to begin the foreclosure process.
A: It depends on the nature of the contract. If the contract is indeed a seller financing agreement, you may. You should schedule a call with a lawyer to review the contract.
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A: His contract of sale is irrelevant to you. If you want to foreclose for default of note payments, hire and attorney to accelerate the note and take title to the collateral.
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