Many years ago, my father purchased a small house in Frostburg, Md (both his and my name were put on the house-2011?). I lived there when I attended FSU. Heads up - the home is only worth $35K tops so use your imagination.
Shortly after graduating, my father found out that he had stage 4 cancer and wanted to sell off assets (willing to making ANY deal). He found a buyer and sold under a private mortgage agreement where buyer pays $325/month over the span of 5 years with a balloon of $15K due in August 2019. I only knew the bare facts as they needed my signature at the title sale table (I wasn't expecting anything from it as it was a nice gesture that my father did to help me with school expense- that's all). (2014) Two months later, my father died and I was left to sort through the pieces (now holding the note on the private mortgage)...
I notified the buyer of my fathers passing and informed him that the agreement/contract would still hold (as my signature was on it). He has paid monthly for the past 4 years (normally late- its been a headache to say the least). I have kept dates, records and emails of every transaction. I have the deed in my possession as well.
He is roughly 5 months from the balloon now and he has stopped paying entirely. He has not answered phone calls or emails and he will be 30 days in default in roughly 2 days. No communication.
How do I go about foreclosing a private mortgage???
- I know that at 30 days, I can send a letter of default by certified mail.
How long before I can file with the court? timelines?
Can I do a NON- judiciary foreclosure by myself (seems much faster) or does it still require a lawyer??? I'm 90% sure there is a point of sale clause in the contract that would allow it.
-> Lastly, I am terrified of how much legal fees will be to foreclose...for literally a house that I don't want, worth almost nothing, 3+ hours away (fee to hassle factor). Is it charged by hour or can they give me a ballpark quote number to take care of the legal paperwork?
edit: why am I being downvoted? I have been nothing but accommodating to this man. I would be willing to restructure if he would only communicate!
Written By: hobbitsailwench
Source: http://bit.ly/2DgFxkW
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