overdue contract, owner financing, deed of trust...

texas66mustang · #1 07-11-2006, 02:37 PM

What is the name of your state? Texas

I am the executor of my mothers estate. The estate is a small house and lot. After she passed I, as the executor entered into a contract to to have the estate owner finance the property. The contract called for 5 monthly payments and a final ballon payment in the 6th month. A deed of trust was set up by a title company. The contract will be 2 months overdue on the 21st. I have seen on this site a mention of sending a specific letter a certain way to the buyer but what exactly has to be done to terminate the sales contract and regain or cancel the deed?

Thanks in advance

pojo2 · #2 07-11-2006, 05:38 PM

You will need to start foreclosure proceedings based on the terms of the contract. Realize it is not as if you will get the house back tomorrow and depending on your state there might be a lengthy redemption period.

So the best way to get it worded properly BEFORE you make a crucial mistake is to consult with an Atty versed in RE.