Is foreclosure only resort?

Posted by Robin on October 18, 2006 at 09:24:34:

In Texas, yy in-laws sold their previous home, but still hold the title to the home. They are basically the mortagage company for the current people living in the home. The problem is that the people in the home have quit making payments. Three months ago, they wrote a "hot check" but made it good the following month, but haven't paid since. They are now 2 months behind. What recourse do my in-laws have? Must they force the home into foreclosure and sell it on the courthouse steps, or can they simply evict the current "homeowners" for non-payment and get their house back. They want to sell the house outright to someone who will get financing, and not have to deal with someone making (or not making) payments each month. Thank you!

Follow Ups:

• Re: Is foreclosure only resort? - Bud 22:13:26 10/22/06 (0)
• Re: Is foreclosure only resort? - ForeclosureFish 18:37:38 10/18/06 (0)

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: In Texas, yy in-laws sold their previous home, but still hold the title to the home.  They are basically the mortagage company for the current people  living in the home.  The problem is that the people in the home have quit making payments.  Three months ago, they wrote a "hot check" but made it good the following month, but haven't paid since.  They are now 2 months behind.  What recourse do my in-laws have?  Must they force the home into foreclosure and sell it on the courthouse steps, or can they simply evict the current "homeowners" for non-payment and get their house back.  They want to sell the house outright to someone who will get financing, and not have to deal with someone making (or not making) payments each month.  Thank you!

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