Can we foreclose on a property without a lawyer?

Investor · Member since 2018 · 13 posts · 10 votes

We are property owners that went into an owner financing situation on a deal with a buyer. The buyer defaulted on the loan, and we need to start the foreclosure process. Can we do this on our own? If so, what would the process look like. New York State. Thanks in advance.

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Chris SeveneyBusiness Member
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Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
2y
Quote from @Sarah Williams:

We are property owners that went into an owner financing situation on a deal with a buyer. The buyer defaulted on the loan, and we need to start the foreclosure process. Can we do this on our own? If so, what would the process look like. New York State. Thanks in advance.
answer is no, especially in NY. You will want an attorney and try and get it through federal court as district court will take 3+years (if you are near the city expect 5 years then several years to evict)
Through federal court you may be able to get it done in 2-3 years.
I strongly recommend you offer a nice cash for keys package. Expect to spend $10-$20k in FC and of course all the taxes and insurance on the home during this time. Thus the reason to offer cash for keys.

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Gino BarbaroPro Member
Rental Property Investor · St Augustine, FL · Member since 2014 · 2k+ posts · 1k+ votes
2y
@Sarah Williams
Please hire an attorney. I know it will cost money, but the time they will save you, and they will get it done correctly.
Good Luck
Gino
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