Hello everyone, I kind of got myself into something and I don't know the process for it. I sold a property to a lady with owner financing. She made a down payment and paid late every month for the first year. After the first year she stopped paying the mortgage to me. Anyone know how I can start the foreclosure process?
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@Latressa Byrd sorry to hear that. You should consult with a local attorney where the property is located and laws vary. Good luck and keep us posted.
@Latressa Byrd The best way to start a foreclosure is to contact an attorney or a trustee services company, whichever applies to the state in which your property is located, and request that they initiate foreclosure on your behalf. I recommend that you choose an attorney or trustee that specializes in foreclosing. They will be able to advise you on procedures and what they need from you in order to initiate the foreclosure. Also, the act of initiating the foreclosure may be enough to get the borrower to start paying you again.
Be aware that the borrower has to be 120+ days late before you can start the foreclosure.
For Maryland, I recommend Stern & Eisenberg. You can google them
@Eric H. Thanks, it was recorded. I'll reach out to the company you recommend.
@Andy Mirza awesome, I'll Google them now. She is way over the number of days. She hasn't paid anything this year.
@Latressa Byrd yes you need to talk to an attorney. Anthony O mentioned earlier is one option. Cohen and Forman are great attorneys, I would ask for Scott Tinney there.
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