Question by Kikki: I sold my home owner finance and they have abandoned the property after paying on it less than one year. What?
The people that bought my home owner finance have abandoned it and only made payments for less than a year. What are my rights? Can I make entry into the home? Do I need to go through complete forclosure? How do I do that if I can’t contact them?
The home is in Georgia, look no rx USA
Best answer:
Answer by Thomas
Please let us know what country you are in and a location as rule are different and there is no universal answer
In general you should have long ago sent a Notice of Default
Then much depends on whether you had a sale clause in the contract and whether your area requires judicial or non judicial foreclosure and the legal waiting periods.
What do you think? Answer below!
1. Contact your lawyer.
2. You need to formally foreclose.
3. If they left items in the home, you probably can’t even throw them away.
4. If you are in the US, hire someone to do your taxes–you *did* sell the property, but installment sales that get foreclosed have special rules to reconcile it on your taxes (is sort of results in a very expensive rental situation).
You need to foreclose.
Yes, you will need to formally foreclose on the buyers. It will not be overly difficult. They can be served with papers by simply publishing notices in the local newspaper(s) if their real address cannot be found. Once the foreclosure action is complete, then you may also need to go through a formal eviction action, if they have left any possessions behind. You will need to engage an attorney for these processes. Ask the attorney concerning your rights of entry.
Frankly, regardless of the attorney’s response concerning entry, I would enter anyway, simply to insure that utilities are working and that damages are not occurring due to the premises being abandoned. Chances of these buyers suing you for trespass are slim to none, if they cannot be found.
Good Luck !