Deed Of Trust
We sold our house on what I think is a deed of trust and have a promisory note on it. The problem is the person who is buying the house does not make the payments. I understand that I don't have a right to foreclose on the house and just take it back but I have to put it up for auction and the highest bidder gets the house and any money over the balance of the loan goes to the person who purchased the house. Is that correct? If so why can't I just get the house back? HELP
Ask the borrower to deed the property back to you in lieu of foreclosure.
Already tried that but why should she when she can live there and not pay?
Already tried that but why should she when she can live there and not pay?
Pay her to deed the property back if you have to. Tell her that you just came from a foreclosure attorney and it will cost $1000 to foreclosure. To save time and energy, you would just rather she move out and you would give her half $500. Do not give her the money until she is packed and she has signed a deed back to you. Tell her that you do not want to foreclose, as it will ruin her chances of ever buying a house again, and it will ruin her credit, but you have to if she does not agree to move out by next Sunday.
For her to sign the house back to us would it need to be a legal document or witnessed by an attorney or something to make it legal? At this point I may even be willing to give her the 1,000 to get out. (I live in a rural area and this house is not worth a lot of money even though it was our HOME for 28 years)..... Guess that is the most frustrating thing about it, I thought it would be her home and it is not JUST a piece of property to me so I am emtional about it...
Thanks for your help and if you have any other ideas let me know.