Chicago, IL · Member since 2016 · 88 posts · 29 votes
I bought a property in IL few months ago which I sold it to another buyer on seller financing (AKA Contract for Deed).
The seller is going through some sort of financial issues and is not able to make this months mortgage payment. On further looking into the details, I found out that he has also not paid any association fees since last few months and now this months water bill is due as well.
What should I do at this time to take control this situation to get worse and reduce my loss ?
No compassion, this is a business not a charity. Start the forecloser process.
If they wanted/needed help there are charities that would help them especially with the water bill. Some people just dont want to even attempt to salvage their situation. Protect your asset. start the forecloser process.
Maybe this will be the kick in the pants they need to get their life in order.
No compassion, this is a business not a charity. Start the forecloser process.
If they wanted/needed help there are charities that would help them especially with the water bill. Some people just dont want to even attempt to salvage their situation. Protect your asset. start the forecloser process.
Maybe this will be the kick in the pants they need to get their life in order.
Real Estate Broker · Northeast PA · Member since 2017 · 2k+ posts · 2k+ votes
8y
Your post says "The seller is going through some sort of financial issues and is not able to make this months mortgage payment."
Do you mean the buyer? Meaning the person you sold to on contract for deed?
If that is the case, the contract for deed should state what will happen when the purchaser defaults. Since contract for deed (when done properly) does not get recorded, nor does a deed get transferred to the purchaser until the contract is fulfilled, you will not have to "foreclose".
You will, however probably have to do an 'ejectment' (in simple terms a more complicated eviction) if the purchaser will not voluntarily move out.
Speak to your attorney, and get right on top of this case, asap.
Chicago, IL · Member since 2016 · 88 posts · 29 votes
8y
@Marc Winter Yes, I meant the buyer that bought my property on Contract for Deed. Yes, I will not have to evict him instead of foreclose.
I was only a bit concerned about ejectment, as i don't want any damage in the property and want this issue to be resolved on simple terms. Thank you so much for your advice.