Inheirited Contract Deed- Buyer is in Default

What is the name of your state?What is the name of your state? Oregon

My husband's father just recently passed away, so we inheireted a piece of property that my father-in-law had sold and the buyers make monthly payments to an escrow account. I just found out that they are in default- no payments since August 2004. There is no money owed, by us, on this property, so if we were to attempt to foreclose, I've read that the court places property up for auction. Does that include this type of house where it is paid for and my husband's father was selling it under a contract for deed? Is it possible to file for foreclosure and if it goes through, keep it, fix it up and sell it again? We also need to find out if they've been paying property taxes too- which I suspect they haven't. The escrow company just told me today about them not paying since August. Thanks in advance for any help.

[BelizeBreeze]

First of all, WE did not inherit. Your husband inherited. It's a fine but IMPORTANT distinction.
Also, unless your husband is the ONLY owner, he will have to file jointly with the other owners.

Your husband is now under the auspicies of the real estate law of your state so, absent any specific facts, he needs to take the contract and financial data from the escrow agent and see an opinion. We don't have a copy of the contract so can't advise what your rights are.

[Ciarraine]

Originally Posted by eBayAddict

What is the name of your state?What is the name of your state? Oregon

My husband's father just recently passed away, so we inheireted a piece of property that my father-in-law had sold and the buyers make monthly payments to an escrow account. I just found out that they are in default- no payments since August 2004. There is no money owed, by us, on this property, so if we were to attempt to foreclose, I've read that the court places property up for auction. Does that include this type of house where it is paid for and my husband's father was selling it under a contract for deed? Is it possible to file for foreclosure and if it goes through, keep it, fix it up and sell it again? We also need to find out if they've been paying property taxes too- which I suspect they haven't. The escrow company just told me today about them not paying since August. Thanks in advance for any help.

You should get together all the paperwork--the land contract/mortgage note/anything at all applicable to the sale, the statements and correspondence from the escrow agent, the will and probate information, etc--and go see a real estate attorney with experience handling foreclosures. You don't want to make mistakes with a do-it-yourself approach. Also no one here is really going to be able to give you a full or correct answer to your question without a thorough review of all the documents.

Good luck.

Originally Posted by BelizeBreeze

First of all, WE did not inherit. Your husband inherited. It's a fine but IMPORTANT distinction.
Also, unless your husband is the ONLY owner, he will have to file jointly with the other owners.

Your husband is now under the auspicies of the real estate law of your state so, absent any specific facts, he needs to take the contract and financial data from the escrow agent and see an opinion. We don't have a copy of the contract so can't advise what your rights are.

Isn't it "inherit" when we both are named in an "Assignment of Beneficiary's Interest in Trust Deed" document that specifies both of us as "husband and wife." There are no other owners but us. I pretty much figured we would need to consult someone with legal knowledge- have one in the family, just not real estate law. Thanks though-

[Ciarraine]

Originally Posted by eBayAddict

Isn't it "inherit" when we both are named in an "Assignment of Beneficiary's Interest in Trust Deed" document that specifies both of us as "husband and wife." There are no other owners but us. I pretty much figured we would need to consult someone with legal knowledge- have one in the family, just not real estate law. Thanks though-

Yes.

And don't use someone in the family. Evictions and foreclosures can get emotional and ugly, and you'll want someone between you and the person you're dealing with.

You might find as you go through the process with the attorney that you eventually do hire, the forum can be useful to you for specific issues that are part of this whole mess. Right now what you're talking about is a very large and complicated legal matter that really needs in-depth legal review.

[BelizeBreeze]

Originally Posted by eBayAddict

Isn't it "inherit" when we both are named in an "Assignment of Beneficiary's Interest in Trust Deed" document that specifies both of us as "husband and wife." There are no other owners but us. I pretty much figured we would need to consult someone with legal knowledge- have one in the family, just not real estate law. Thanks though-

And based on your INITIAL post "My husband's father just recently passed away, so we inheireted a piece of property " you can kiss my donkey. (sorry Mary) You get nothing more from me.

Originally Posted by BelizeBreeze

And based on your INITIAL post "My husband's father just recently passed away, so we inheireted a piece of property " you can kiss my donkey. (sorry Mary) You get nothing more from me.

Am I missing something here? It's so easy for people to interpret a message the wrong way when it's through forums, instant messages and e-mails, but I'm confused by your response(s)- and almost feel as though I'm being flamed. Is it usual on this board to pick people's words apart? I could have said "a family member passed away" but I wasn't thinking about how I phrased the statement- I guess I should have been.

Originally Posted by Ciarraine

Yes.

And don't use someone in the family. Evictions and foreclosures can get emotional and ugly, and you'll want someone between you and the person you're dealing with.

You might find as you go through the process with the attorney that you eventually do hire, the forum can be useful to you for specific issues that are part of this whole mess. Right now what you're talking about is a very large and complicated legal matter that really needs in-depth legal review.

Thank you for offering some suggestions/ideas on how to handle this. We are homeowners, but we've never been in the position of accepting a house payment- only paying one! I have been roaming the Internet today trying to find out how to go about this, and I thought I might get some ideas here- you've been helpful!

[Ciarraine]

Originally Posted by eBayAddict

Thank you for offering some suggestions/ideas on how to handle this. We are homeowners, but we've never been in the position of accepting a house payment- only paying one! I have been roaming the Internet today trying to find out how to go about this, and I thought I might get some ideas here- you've been helpful!

You're welcome. Don't let the big bads get you down. It's quite usual around here. Remember that becoming a lawyer appeals to someone who likes to argue. They may be mean, but they're often right--you thanked me for the same advice BelizeBreeze gave you while I was writing my answer.