How long does it take to take back a property on a real estate contract? I have wrap and did a real estate contract but the buyer isn’t paying. The escrow company already sent a 30-day to cure the debt. How long before I get property back? Can I get a sheriff there within two weeks?
Hi,
If you were the seller and allowed a new buyer to wrap your existing underlying financing which was recorded and buyer recieved a warranty deed at close of escrow then you have to actually foreclose to get the property back.
This means depending on what state your in a minimum of 90 days before you can record a “Notice of Default” and then a minimum of 105 additional days before a foreclosure! Simple
It sounds to me like you have an escrow servicing account where payment is received from your buyer and the servicing account pays the underlying monthly mortgage payments and potentially impounds money for taxes and insurance. It’s great that escrow is sending a bill requesting payment and a “Cure” of the debt but the reality is if it was recorded foreclosure is the only way to unwind the agreement!
Keep in mind to protect your credit you may have to pay this for 7 months minimum and depending on what state your in may require the property go through a foreclosure auction on the court house steps!
Oh, and you can not touch or enter the property the whole time this is going on as right now your not the legal owner!
GR