default by persons buying home from me

[tooliveq]

I have a private contract with a couple of individuals to buy a house I had as a rental; this is a home that I am also making mortgage payments on. Well, the buyers have stopped making payments, but I've continued to make the payments to the mortgage company. I cannot do this any further. So, what is the procedure to get this resolved? Can I foreclose on a property that I do not own out-right? I need to protect my credit as much as possible, but don't want to risk it all on the house. If they are not going to make payments, I need to know how to get them out of the house as soon as possible, so I can either rent it or re-sell it. HELP!!! I'd appreciate any and all answers/suggestions as soon as possible. I'm looking at bankruptcy if this is not resolved, and I just recently bought a new home that I'm living in.

 

[Attorney_Replogle]

Your contract with the tenants is unclear as to what position they have with you. However, I will assume that they are renting the property from you. Since they are now not paying you, there is a very simple solution for you. You need to follow your state's procedures & laws and bring an eviction proceding against them. You can read up on general laws as to tenant/landlord issues at the WWW.Freeadvice.com's main web site. Just scroll down and you will see a section on Real Estate Law. Further, you can always contract with say Century 21 or Coldwell Banker Real Estate to handle the property management for you. They always have someone that is relocating that needs to rent a home. Next, you can't foreclose on your own property. That is the right of the mortgage company or bank. Last, a bankruptcy is almost the worst thing you can do for your credit (being a homeowner). Don't do it!

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Mark B. Replogle