Need to get my house back the people I hold the mortgage (owner financed)ow me$2000. How do I gt my house bac in my name

[jackmichigan]

Of course, everything depends on state law and the particular contracts involved. Far too often, people makes posts on CD with inaccurate or incomplete information, so there's really no telling what the situation is here unless the OP comes back with further details. If the OP, in fact, transferred a deed to the property to the purchasers, it will be more problematic and involved to get the property back.

The only consistently good advice in this instance would be for the OP to get an experienced real estate attorney. They're probably going to need one.

In the best of worlds, the purchaser could simply quit claim their interest in the property back to the OP. The OP could agree to forgive any amounts owed as an incentive for them to do so. Absent that, however, foreclosure proceedings will be in order...and there may be a redemption period involved in accordance with state law.

Originally Posted by oldtrader

Problem: What is owed is $2,000. To hire a lawyer and go through foreclosure, will cost more than $2,000. This is a real problem.

The bigger issue is did the purchaser make a significant down payment? If so, there may be value to recover which could help in financing a resolution. If the OP allowed for nearly all of the purchase to be financed, not so much.

Originally Posted by Larry Caldwell

If this was a contract deal rather than a mortgage, you just evict them.

Not necessarily. It depends on state law.

[adventuregurl]

I think we lost the OP.

OP if you're reading, is it by any chance a mobile home? If so, it might be a completely different process and possibly more doable for less money.

[oldtrader]

If this was a contract deal rather than a mortgage, you just evict them.

WRONG. A deed of trust, defines how to reposes the property. In most states, a contract for deed, normally requires taking it to court to take the property back if the buyer does not want to just walk away. More costly and can take a lot longer to reposes the property.

[SthrnCarolinaGrl]

OP, It depends on how you did it, since there are many different ways to owner finance out.

I'm going to assume that you did a contract that is recorded, the deed went into the buyer's name, and that you are legally listed as the lien holder.

If that is the case, then you will have to foreclose. There is a lot to that, and you will definitely have to get an attorney. It will take bare minimum 6 months to get your property back, and you can give up getting any money from them.

2 yrs ago, it cost roughly $5500 from start to finish.

The only other option is to talk to the buyer. Tell them that you are getting ready to get an atty to begin proceedings to take the house back. Offer to let them sign the property back to you and sign a release that gives up any and all interest in the home.

They may be willing to do that if you agree not to report it on their credit, and forgive any dollar amount they owe you, and give them 30 days to be out.

Otherwise, you really need to get an attorney.