Legal Question in Real Estate Law in Texas
Default on note held by me.
I still have a mortgage on a home which I am still paying on. I sold this house by ''holding the note'' at a particular rate. The parties I sold it to are defaulting in their payment. When trying to reach them I get their recorder and leave a message which they do not respond to. I am not wealthy and am finding it difficult to pay this mortgage along with my own and need to have them start paying or something needs to happen. This house is in Texas and I live in Virginia so I can't just go to their door. Please advise me as to the appropriate measures to take which would not be costly as I have no extra money either. Thank you.
3 Answers from Attorneys
Re: Default on note held by me.
If your initial paperwork is in order, a foreclosure sale is the method of choice. This might be followed by an eviction if necessary, hopefully not. The property may be sold again, hopefully to someone who can pay for it this time. If it is in Tarrant (Fort Worth), Wise (Decatur), Dallas or Denton county, please feel free to contact me. Check out my home page http://www.reasonable-doubt.com for questions to download so you will be prepared to hire a lawyer.
Re: Default on note held by me.
This situation is very unlikely to get better, only worse. You had best start cutting your losses now by engaging the services of a Texas attorney in the area where the property is located who is knowledgeable in real property and real estate law, to begin foreclosure proceedings on the note, and, if need be, eviction proceedings against the defaulting buyers.
Re: Default on note held by me.
You can't afford NOT to hire an attorney. It may be a simple non-jucicial foreclosure, but your documents must be examined. You have options, but they are determined by your exact circumstances. If you would like to contact me directly, I would be glad to offer a free initial consultation and explain those options.
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