Forclosure Process - Posted by Gary O

Posted by JoeS on March 07, 2002 at 07:14:41:

The foreclosure process varies in all 50 states. The best way to educate yourself in the process for your state is to ask your attorney. I’m sure he will let you read his copy of the state’s real estate laws.

Forclosure Process - Posted by Gary O

Posted by Gary O on March 05, 2002 at 10:10:52:

I’m new to CREI and have one question that’s got me scratching my head. If I were to sell a house that I bought on terms, meaning I took back a mortgage for a given time at given percent. What would happen if the buyer fell behind in his payments? I’m guessing that I would have to forclose on the property? How does that work? What happens to me as the person holding the note? Is there a lot of risk involved with financing your buyers? I was reading the how to article “How to Create a RE Cash Cow”, and it talks about the Wrap around mortgage. I understand how the wrap works, I just don’t understand the risk associated with doing this (I guess the forclose process)? This wrap and owner financing seems like a really good way to sell your property FAST so any details on the risk would be great.
Thanks again CRE Online!!!

Re: Forclosure Process - Posted by Ronald * Starr(in No CA)

Posted by Ronald * Starr(in No CA) on March 07, 2002 at 16:45:13:

Gary O----

I think Joe S gave you good advice. And you don’t even have to go to an attorney to start learning your state laws on foreclosure. You can go to the county law library and start there. You can even pull up the statutes on the internet. However, you do not get the commentary and the case law there, which you can get in the law library. At least, I have not seen how to get the commentary, legislative history, and case decisions on internet sites. But it may be there.

Good InvestingRon Starr***