Default on Loan

[BusLink]

NY:I am the holder of a private mortgage loan that is currently in default. I would like to foreclose on the property and re-sell it.
The buyer is currently in property.
There are no financial institutions invloved.
What steps can i take to regain control of my property and resell it as soon as possible.

[This message has been edited by BusLink (edited August 12, 2000).]

 

[HomeGuru]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by BusLink:
NY:I am the holder of a private mortgage loan that is currently in default. I would like to foreclose on the property and re-sell it.
The buyer is currently in property.
There are no financial institutions invloved.
What steps can i take to regain control of my property and resell it as soon as possible.

[This message has been edited by BusLink (edited August 12, 2000).]<HR></BLOCKQUOTE>

Follow the default procedures as set forth in the mortgage document. Normally a demand notice is send via certified mail then if no payments made to cure the default, you must file to foreclose on the property. If the mortgagor has no equity in the property or is willing to walk away, take the property back without going to court. Is there anyway to talk with the Buyer and negotiate some sort of settlement/payment schedule to resolve the problem?