I think I can, I think I can...w/HELP PLS!

[temple]

I have an home that was rented to one individual for 2 yrs. Then he wanted to stop renting and start putting his payments toward the purchase of the home. Although he had always paid his rent on time, it had always been in cash, as he did not trust banks. (No tax issues here, all has been disclosed to the IRS) He requested I owner-finance the sale, since he did not have the credit to qualify for a loan that would work for him. I agreed, and had a complete, formal "contract for deed" drawn up by a real estate atty, and same was signed by both renter and myself, notarized and filed. Things went as planned for abt 1.5 years. In Nov 2006 renter abandoned property. Renter purchased newly constructed home not far fm the rental house in his name. My atty has attempted contact with the renter via certified mail, in order to "try and settle" the contract, and he has filed the "Notice of Default" via certified mail, as of this time, renter has not been heard from. Atty is "working on it and monitoring it" but since this past August has sent/filed nothing. I have no $ to find another atty need information to locate a website or other source that gives step-by-step inst on how I can do this myself.

I do not want the house sold/forclosed on. I want to keep the house. I just need to find a way to settle the debt owed. HELP PLS!

 

[temple]

Forgot to list my STATE!!!!

So Sorry! I am in Texas.

 

[FlyingRon]

You'll have to foreclose on the guy. It's clear he doesn't want to honor his obligation to make payments to you. Hopefully you put a right of sale clause in the contract in case of his default?

 

[temple]

Right of Sale....Verbage pls?

Right of Sale....Is this it..."Seller shall have the power to designate a trustee to sell the property in accordance with Section 5.066 of the Property Code of the State of Texas"

Does foreclosing on him mean I must sell the property to someone else?

I thank you.

 

[Andy0192]

Is the deed to the property still in your name? or his?

Did your contract spell out what is to happen in case of default on the payments? What does that section say? The way I'm reading this, it's been over 1 year since you received any payments from this guy, and you're just now getting information together on what you should do?

You need to move more quickly in matters of non-payment.

 

[temple]

Unfortunately, I that is what I hired the lawyer to do....The deed is, and always has been in my name, along w/all taxes and insurance. The contract states my Remedies on Default as:
1. Declare upaid debt and interest due immediatelyand proceed in law or equity, proceed to enforce action collection thereof, OR
2. Terminate contract and retain all pmts and if seller chooses this option property to be immy surrendered to seller or purchaser shall be at will of seller....but he's gone so this one is unenforceable?
The above is only allowed 60 days after purchaser has been sent the notice of default....and its been done long ago.

Now what?

 

[Andy0192]

Sounds pretty simple to me:

You still have the deed, you still own the property.

Have you sent notice to the buyer that your contract has been terminated for non-payment? Seems like you retain all payments made, and the property is to be surrendered back to you.

Is the property in condition to be rented to another tenant? Seems strange that someone with the potential to have equity in the property would bail out & buy another place without completing the sale.

 

[temple]

But What Steps Now To Recover My Loss?

I need to determine what steps I legally can now take in order to recover some of my losses. Per the contract the buyer either owes me 24,700 in back payments (that is w/o late fees or any other additionals) or over 100k for the total price. I do not expect to even get the 20k, and know that a judgement is only a piece of paper, but cannot afford a lawyer and must try to get at least something.

I know that buyer is still inthe area and has purchased a home not too far away...could I put a lein on that? And if so, how?

 

[Andy0192]

You're going to have to wait for someone else to give you legal advice on the exact steps necessary to file for a judgement.

I'm a little confused why you're stalled in the process if you paid an attorney already to do some of this. If your contract was written, and has some clear default language, the steps to be taken should be pretty clear cut.

Do you have any idea just how far the process went with the attorney? You said before that certified letters were sent, did the previous tenant sign for any of them? Once notice has been properly served on a live person, a court date is usually the next step.

-Andy

 

[temple]

another wrinkle???

Sorry! I comingled issues. There is another house that I bought with a man I thought I would marry, he left and filed ch7, leaving me holding the "financial bag". Please see my corrected post dealing ONLY with my rental property:

Thank you for your reply . I realize this is a mess and I am just trying to work through it as best I can. I am frustrated at the length of time before the next hearing. Since each month the house sit empty, I am still keeping the financials current with no rents in order to equalize the financial burden.


Regardless, the buyer on house a never signed for any of the notices because they were sent to the house he he already abandoned. I am ready to proceed in court against the buyer, but do not know the steps in which to do it myself, but dont trust my atty, so must find a way on my own. I will file whatever as soon as possible, if I can just get a guideline on what to file and when and where. Even if I dont recover the entire amount owed, at least it would be something! Can I put a lein on his new home, and if so, how?

Thanks for all your help and patience, I really need it!

 

[Andy0192]

Ummmm Bankruptcy would be an important piece of info

You failed to mention that your former tenant filed for bankruptcy. That begins to explain why things are such a mess and taking so long. Your lawyer has likely done what can be done to this point. What has he told you is your next step? What has he said to you is the likely outcome? You may not like what he tells you, but its probably accurate.

You need more help than you're ever going to get with free advice. Good luck.

 

[temple]

pls re-read above

I have edited above to make sense now...I you wouldnt mind rereading

 

[temple]

*BUMP* If I could pls get some advice on how to proceed pls. I know I have a basket full of issues and cannot depend on my counsel, and that is why I am here....

 

[LindaP777]

It's unbelievable your attorney has not done anything recently - this is ridiculous!

I would question if the deed is in your name, it becomes a matter of formal eviction (relatively simple process, especially since the tenant has vacated, should be done with in 4-8 weeks and you could even do this yourself).
If the deed is in your buyers name (with you listed as mortgage holder) you will need to foreclose (longer and more complicated).
Talk to your attorney and get answers NOW. If he refuses, hire another attorney, cause yours is incompetent.

 

[temple]

Yes, I hold the deed...

The deed is in my name....as are the taxes and the insurance and the original mortgage loan that I am trying to keep current. Can you PLLLLEEEAAASSSEEE tell me what or where to go to find the steps in order to do this myself???

I would be so grateful and at this point if I can do it myself I would rather go that route, then having to pay more $ that I dont have and trust someone else to do it.

Thanking all of you in advance!