Foreclosure?

I have a property that I sold in Aug. 2000 using some creative financing on the part of the buyer. They got into the property paying only the closing cost, about 1200.00.
We agreed to do a wrap on the first and carry a second for the remainder of our equity with a baloon payment due to us in two years when the buyer refinances. The problem is that the buyer has failed to make the January payment, forcing us to cover it. They claim that they mailed the payment to the title co.(who is handling the account) on the 5th of the month, though the title co. says they never received it. Based on the buyers negative credit history, we are somewhat convinced that they never sent it. What can we do now? The buyers say they are running a trace on the money order, though they cant seem to find the receipt for it. If we choose to foreclose, How long do we need to wait before taking action and what is the first step? Based on the current condition of the property and what the neighbors have told us, they have been trashing the house(letting rabbits and dogs run loose in the house, leaving fecees everywhere. We were also told that they have been selling everything that isn't bolted down and even some that are"they sold the cactuses in the yard and the screens off the windows". Can we stop this since we have a vested interest in the property? They have't let us inside to inspect it, can we force them to? Help

Scott K.
Tempe Az.

[HomeGuru]

You should have hired a real estate attorney to do the contract documents.

You need to hire one now.