Foreclosing on a private wraparound mortgage

[Tracey Hamilton]

Getting ready to do our second "owner carry" deal where we are the sellers.  

We own the property with an existing HELOC with a balance on it against the property. No other encumbrances.

We are selling the property on an owner carry wraparound, with the details that we continue to hold title until property is paid off, and we cover property taxes and will carry landlords insurance on the property.  Buyer is coming in with a good down payment, an interest rate favorable to us, good income, and willingness to do the deal.  

We are in Oregon, and I am a licensed real estate broker with almost zero actual experience, and little contact with my office.  I only got my license to facilitate our property searches and save on sellers commissions, but this property won't be sold through the office anyways.  

If it should come to it, and the buyer fails to make payments, I am wondering what legal requirements I will have to follow to foreclose and get them physically out of the property.   I don't think that a full legal "foreclosure" would be needed, since the property is still in our name, 100%.   Typically, if a buyer fails to make 3 payments in a row, a seller can initiate foreclosure proceedings through their attorney, and the property gets sold on the courthouse steps  and seller can purchase it back for amount owed, and then title transfers back to seller.  There's also a right of redemption period on some foreclosures.   But, with title remaining in my name, even with a private contract for the wraparound sale agreement, I can't see that I would have to go through all that. 

So, any experienced "owner carry" "wraparound" "lease to buy" investors out there, who have been down this road?  

I'm going to call the lawyer in the morning, but Buyer is ready to meet and give us the down ,and we are ready to lock the deal up.  

THANKS!!!  

Tracey in Oregon