What are the steps to take back a home that I am the bank, I am owner carrying a loan for the buyer on a forrestry owned land that the buyer has defaulted on several payments?
3 Answers from Attorneys
You mean you are a hard money lender? It would help to know whether or not the loan is secured, and if it is, how it is secured. This is something that should be discussed with an attorney, rather than on a bulletin board forum like Lawguru.
I agree with Mr Roach. Your proper action depends on the documents reflecting the loan and security terms. If you have a deed of trust, your remedy will, in general, be foreclosure. See an attorney who can advise you based on your circumstances.
If there are security terms attached to the loan then it depends. Are there? In my experience these situations become foreclosures.