Owner Finance, need to forclose

[marksharky]

I live in Washington State and three years ago I sold our house through a real estate agent, and carried the financing on it myself (I owned the house outright). The note (deed of trust) is due in two years with a ballon payment for the total remaining ballance. The new owner is now unable to make any payments and has missed the last month's payment.
I want to forclose on the house and take back the title and posession of it myself. Is this something that I can do on my own? What are the steps? Can I take back ownership of the home, or does it have to go to an auction? Is there a good resource that has the needed information and forms that I will need to do this?

 

[seniorjudge]

Q: I want to forclose on the house and take back the title and posession of it myself. Is this something that I can do on my own?

A: No.


Q: What are the steps?

A: Hire a real estate attorney who knows how to do foreclosures in your jurisdiction.


Q: Can I take back ownership of the home, or does it have to go to an auction?

A: Yes, you can take back ownership of the land if you are the high bidder at the auction.


Q: Is there a good resource that has the needed information and forms that I will need to do this?

A: Yes: a real estate attorney who knows how to do foreclosures in your jurisdiction.


You only get one chance to do a foreclosure and it must be done exactly correctly or else you will have one **** of a lawsuit on your hands.

 

[marksharky]

Thanks for the information. We will contact an attorney on this. I was hoping to avoid the $$$ expense, since I am already in the hole because of the missed payment.
One additional question though, If I am the high bidder at the auction, do I have to come up with the money to pay myself, or do I just accept my own check?

 

[seniorjudge]

One additional question though, If I am the high bidder at the auction, do I have to come up with the money to pay myself, or do I just accept my own check?

I don't know. If you are pretty trustworthy, you could take a check from yourself. If you are suspicious of yourself, I would want two picture IDs and a cashier's check from you made payable to you.

 

[marksharky]

Thanks

 

[seniorjudge]

Thanks

You are welcome.