If you own a house and haven’t received payments from the buyer in an owner-to-owner transaction, you’re probably wondering how you should proceed. Do you foreclose, or do you evict? Here’s what to keep in mind when deciding.
Start With a Foreclosure; Follow With an Eviction
When you start the eviction process, you do it in hopes of removing the occupant from your property permanently. While you might have to take this step further in the future, begin with a foreclosure so you can reclaim the property’s title. To succeed in doing so, you’ll need proof of your continued mortgage payments (as made by the original owner). Remember that you can also argue for continued interest payments or the equity that you’ve gained since initially signing.
Remain Patient and Persistent During the Foreclosure
Unfortunately for the original owner, the foreclosures are complex and can take some time. The first step you should take is to serve either an accelerated or a default notice, letting the occupant know that he or she has 30 days to pay what’s owned. In addition to the usual court costs, you should also financially prepare to hire an experienced real estate attorney since foreclosures are a bit tricky.
If the occupant in your property fails to make payments after an owner-to-owner sale, you should start the foreclosure process. Once the acceleration or the default notice passes its deadline, you might have to follow by starting an eviction process.
For more information, contact a real estate attorney who can help you.