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What happens in Foreclosure

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Mr. Pedersen

Guest
What is the name of your state?What is the name of your state? Idaho

My Father sold a Salvage Yard in 1986, he was the secured creditor and the security was perfected.There is a recorded Deed of Trust. I inheirted the note in 2000.

Buyers have fallen behind in payments by 4 months and are in Default.
They still owe 70K, down from 260K.

If I foreclose on them, what happens to property? Do I get it back? Who pays me?

Thanks,
 


HomeGuru

Senior Member
Mr. Pedersen said:
What is the name of your state?What is the name of your state? Idaho

My Father sold a Salvage Yard in 1986, he was the secured creditor and the security was perfected.There is a recorded Deed of Trust. I inheirted the note in 2000.

Buyers have fallen behind in payments by 4 months and are in Default.
They still owe 70K, down from 260K.

If I foreclose on them, what happens to property? Do I get it back? Who pays me?

Thanks,

**A: search the internet using "foreclosure".
 

Souix

Senior Member
Mr. Pedersen said:
What is the name of your state?What is the name of your state? Idaho

My Father sold a Salvage Yard in 1986, he was the secured creditor and the security was perfected.There is a recorded Deed of Trust. I inheirted the note in 2000.

Buyers have fallen behind in payments by 4 months and are in Default.
They still owe 70K, down from 260K.

If I foreclose on them, what happens to property? Do I get it back? Who pays me?

Thanks,

***You could also read the Deed of Trust***
 

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