Foreclosure

Posted by Rita Lawrence on February 21, 2003 at 18:22:33:

We're selling a house to the Church next door.The mortgage is to be paid to me over a period of 16 years.
If for any reason the Church doesn't or can't make
the monthly payments, can I forclose? Will the property
be put up for auction or will it get back to me,
since I hold the mortgage on it? Could you please
tell me how that works, my husband & I don't agree on that. He say's if I put a stipulation in the contract
that I forclose if no payment is being made, I loose
the property to the highest bidder on the auction
block. Please inform me if that is right.
Thank you in advance,
Rita Lawrence

Follow Ups:

• Re: Foreclosure - Bill H 23:12:01 02/22/03 (0)

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Comments:
: We're selling a house to the Church next door.The mortgage is to be paid to me over a period of 16 years.
: If for any reason the Church doesn't or can't make
: the monthly payments, can I forclose? Will the property
: be put up for auction or will it get back to me,
: since I hold the mortgage on it? Could you please
: tell me how that works, my husband & I don't agree on that. He say's if I put a stipulation in the contract
: that I forclose if no payment is being made, I loose
: the property to the highest bidder on the auction
: block. Please inform me if that is right.
: Thank you in advance,
: Rita Lawrence


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