Posted by Patrick Edwards on August 01, 2008 at 21:09:11:
florida foreclosure
Pd cash 4 home-sold it-owner ran. Foreclose-How? - Posted by R. White
Posted by R. White on July 18, 2008 at 09:09:33:
I purchased home outright, then sold home to a couple and they vacated because the wife wanted something cheaper and now has not paid 3 months payments. They trashed the home. Now I have to foreclose on this property but I do not know how? What are my steps & guidelines published? No one will tell me what to do. The home is in West VA.
Depends on your mortgage - Posted by John Merchant
Posted by John Merchant on July 19, 2008 at 20:25:36:
How’d you sell it?
Did you give them and did they record a deed from you?
If you gave that buyer a deed and took back a mortgage to secure your note then you’d follow the WVA law and its requisite procedures on mtg foreclosure.
So tell us how you sold it, whether you took back a deed of trust, mtg or RE contract so we can advise you.
It’d be much simpler if that buyer would now just sign over a new deed to you so that’d be my first suggestion…to go to them and see if they’d just give you a deed back in return for your releasing them from liability for the damage they did to your house.
And I have to say this: If you don’t even know how to foreclose or take a sold house back, then you’ve got little business selling a house on a note or contract and you’re likely to get burned while you learn the hard way.
So I’d pay some local RE agent or broker to help you next time you buy or sell so you can see how it should be done there in WVA.
Yes we gave buyers a deed & took a mortgage - Posted by R.
Posted by R. on July 24, 2008 at 18:36:16:
We sold our home to the purchasers through a local Atty and gave purchasers a record a deed from us. Yes, we gave buyers a deed and took back a mortgage to secure their note. Yes we took back a deed of trust, and we are the mortgage lenders. The husband buyer died 2 years ago and wife wanted to stay in the home. She called May 1, 2008 and said she wanted to give the home back, so come and get it, and that she found a bigger house for less monthly rental, so she was cutting utilities off at the home, and she and her children and new live-in boyfriend and additional adult daughter were now leaving the home she and her deceased husband had purchased from us in 2004.
She has not paid 2007 real estates taxes (now overdue), nor did she pay or plan to pay the 2008 RE taxes either. She let the homeowners insurance go.
She has not paid us since April 1. We went to her and used a lawyer to ask if she would now just sign over a new deed to us in return for us releasing them from liability for the damage they did to our house. We offered to give her a little cash, too. She declined.
We are now paying our same WVA lawyer to foreclose for us. Lawyer said we have to sell it to the higest bidder even if it is way under what is owed to us. He said that since what is owed to us is about $74K, we will need to buy it at the auction ourselves for that amount, or else let it go to someone who may only bid (for example) $55K.
We really dont want to get burned while we learn the hard way. It seems our lawyer has not done a forclose before and he is feeling his way about how to do this for us. We did follow the WVA law to sell the home to the purchasers. I guess we have no other alternative but to leave the home uninsured, vacant, unsitely, unmanaged and no utilities on?
We would like to review the true and requisite procedures on mtg foreclosure in WVA and our rights as the lender on how to proceed. Cant we go in and fix up the place so it can sell? Cant we go in and turn on utilities and care for the clean up and keep it safe during heaving rainstorms, etc?
So Can you help us know what to do???
Matrix of 50 state foreclosure laws (overview) - Posted by Rick, the Probate Guy
Posted by Rick, the Probate Guy on July 20, 2008 at 08:29:20:
See InnoVest's Foreclosure Forum
To start foreclosure, you may find success by getting a referral from a title insurance company in your area. They may offer to review your file, then handle the foreclosure (for a fee) for you, or may refer you to a foreclosure company/attorney who specializes in foreclosure in your state.
Be sure to get your papers in order before meeting with either title or foreclosure attorney so that they can determine best plan of action (and save yuo time and money).
Since your state appears to use deeds of trusts rather than mortgages, I would expect that a West Virginia foreclosure would be a standard non-judicial process, absent the defaulting owner taking any counter legal action.