Re: Is foreclosure only resort?

Posted by ForeclosureFish on October 18, 2006 at 18:37:38:

In Reply to: Is foreclosure only resort? posted by Robin on October 18, 2006 at 09:24:34:

It sounds like there may be a land contract between your in-laws and the current occupants. Is that right?

I'm assuming the agreement was your in-laws would sell the property under a contract but remain on the title. Hopefully they aren't just letting the people live there with no formal agreement.

If the land contract states your in-laws can declare a forfeiture, then that is another option besides foreclosure. Otherwise, they will have to foreclose on the property.

If they do that, the property may go to sheriff sale and get bought. If the current occupants are under a lease/rent agreement, or no agreement exists, then they can evict based on the terms of the rental agreement.

ForeclosureFish
www.foreclosurefish.com

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Comments:
: It sounds like there may be a land contract between your in-laws and the current occupants.  Is that right?

I'm assuming the agreement was your in-laws would sell the property under a contract but remain on the title.  Hopefully they aren't just letting the people live there with no formal agreement.

If the land contract states your in-laws can declare a forfeiture, then that is another option besides foreclosure.  Otherwise, they will have to foreclose on the property.

If they do that, the property may go to sheriff sale and get bought.  If the current occupants are under a lease/rent agreement, or no agreement exists, then they can evict based on the terms of the rental agreement.

ForeclosureFish
www.foreclosurefish.com

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