Eviction of Tenant NEED HELP NOW!!!

[cambrose]

I have a question and time is of the essence. Here's tbe sit. I live in Texas, but own a house in Arkansas. Before getting moved by my company, I was living in the house and took out a $30K Home improvement loan. When I was offered the promotion, I took it and rented my house out in Feb of 99 to a co-worker and his wife. We Had a 1 yr lease agreement where they would pay the monthly morgage note (approved through the loan company) and at the end of that lease, they had the option to buy or renew. In Sept. of 99 they started divorce proceedings and he moved out of the house, she opted to stay. (I find this out in March of 2000) Since that time, Sept, she has constantly been late with the payment, hurting my credit. In Late September, I got a call from the morgage co. saying she was behind and the house was about to be repossessed, at which time I made a payment to stop this from happening, and she made a promise to me and the morgage co. to catch up payments. TODAY I get a call from the morgage co. saying that if I don't pay $1700 by Sat. They will forclose. Which brings me to my questions What legal recourse do I have to get her out of the house and if I'm able to stop the forclosure, what can be done about getting me my money back? Can I sue her for the worry and hardship her non-payment has caused me?

 

[HomeGuru]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by cambrose:
I have a question and time is of the essence. Here's tbe sit. I live in Texas, but own a house in Arkansas. Before getting moved by my company, I was living in the house and took out a $30K Home improvement loan. When I was offered the promotion, I took it and rented my house out in Feb of 99 to a co-worker and his wife. We Had a 1 yr lease agreement where they would pay the monthly morgage note (approved through the loan company) and at the end of that lease, they had the option to buy or renew. In Sept. of 99 they started divorce proceedings and he moved out of the house, she opted to stay. (I find this out in March of 2000) Since that time, Sept, she has constantly been late with the payment, hurting my credit. In Late September, I got a call from the morgage co. saying she was behind and the house was about to be repossessed, at which time I made a payment to stop this from happening, and she made a promise to me and the morgage co. to catch up payments. TODAY I get a call from the morgage co. saying that if I don't pay $1700 by Sat. They will forclose. Which brings me to my questions What legal recourse do I have to get her out of the house and if I'm able to stop the forclosure, what can be done about getting me my money back? Can I sue her for the worry and hardship her non-payment has caused me?<HR></BLOCKQUOTE>

The first thing you did wrong was relying on a third party (in this case the tenant) to make your mortgage payments. For you readers out there, never ever do this. You always have the tenant or buyer pay you directly and you in turn pay your mortgage directly. That way you are in control and will know right away about nonpayment. If the tenant or buyer does not pay, you pay since it is your mortgage.

In answer to your questions:

1) pay your loan current to take it out of foreclosure

2) hire an attorney to start eviction proceedings against the tenant.

3) hire a professional real estate rental management company to handle the rental or sell the property via a standard sales transaction or lease with option to purchase.