vipridgen
May 20, 2012, 12:40 PM
We are holding a contract for deed that has not been recorded. How do we take back property that has not been paid on in 9 months.
Fr_Chuck
May 20, 2012, 12:54 PM
Fist of course you should not have waited 9 months, And most contacts are not recorded, and even if they are, it does not change the terms of contract.
So what does your contract say, not wanting to sound smart, but you are bound to the terms of the contract, if it says you have to foreclose, then you have to foreclose, if it says , and I hope it does, like most, once they are in default for non payment, the contact changes into a rental agreement. So you have to , in writing notify them that they are in defaut and give them the number of days it states in the contract to get out of default.
If they don't, ** if your contract states this ** it changes to a rental, then you give them a pay or quit notice, and when they don't, you start eviction proceedings like any rental agreement.