Foreclosure on house?

Question:

I sold a house to a guy in Big Spring. We have a notorized contract stating if he is late more than once without notifying me before hand, that I have the right to take the house back. He has been late many times, told him this was it, never returned phone calls. What do I need to do to be able to relinquish his rights to the home so that I can resale or donate the home elsewhere?

Answer:
Depends how your contract was written, and what it states will occur once he is late. Probably need an attorney for that one. Doesn't sound like an easy solution, especially since you wrote up this contract yourself.

Learn more about mortgage, credit, and personal finance:

http://www.thetruthaboutmortgage.com...

You may first want to send him a certified letter stating that he is in breach of your contract and you want him to refinance the home or vacate the premises within a specified period of time. This should be noted in your contract. If not, you need to consult an attorney or your local courts to see what is required in your jurisdiction. Papers will most likely need to be filed with the court. It could take from a few weeks to several months to get your property back and him out of the house. You might tell him in the letter that if he vacates and signs the house back over to you by a certain date, you will not take him to court.

Certified letter with return receipt regarding the violation of contract. Proceed to follow your contract terms or eviction procedures in the county.

Foreclosure on house?

Hot Topic