From what I’ve researched, the way you have to “evict” when you seller finance a property, is to foreclose on the buyer. That’s because the buyer isn’t technically a tenant. Is this correct? The reason I ask, I had a lender that wanted to sell me one of their foreclosures, i.e., it would be me that would then pursue the foreclosure to its conclusion. Has anybody ever done this? What is involved in pursuing a foreclosure on a buyer that defaults on their payments? How long does it take? Did you have to hire an attorney? Is this something that can be done by one’s self? I’ve done evictions before, but never foreclosures, but if it works, it works. Also, how does a foreclosure get reported to credit buruea’s? Is it an automatic thing? Or does one have to submit the paperwork? Thanks for the info.
I’m a little confused are you buying a foreclosed home from the lender or do you wish to foreclose a seller financed deal? Generally takes about 3 months and if its you doing it get a lawyer. Also foreclosures are a matter of public record and the credit bureaus will find out soon enough.Herbster
Yeah, you’ll have to foreclose them out. Evicting could only be done if they were renting tenants. So, you’ll need a lawyer and a few months. I think it’s up to 6 months in Michigan! Maybe you could pay them to deed the title back to you and they leave peacefully without you having to foreclose? I guess it wouldn’t hurt to try. Ask occupants about it before you buy it from the lender? Just a few suggestions!
you cant evict because title has been compromised. the person living in the property was never to be considered a tenant. since theyre on title, theyre considered to be an owner. an owner the defaults on the monthly payments should be foreclosed.
take a deed in lieu of foreclosure if you can.
if you were doing like a double wrap or sandwich lease option, what are you going to tell the original seller about having to foreclose on your buyer? i dont know how much it costs to foreclose with your lawyer but who’s going to shell out the monies for this process? you or the original seller?