How do I foreclose on a land contract where I am the lender?
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How do I foreclose on a land contract where I am the lender?
Asked on January 14, 2013 under Real Estate Law, Wisconsin
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Ordinarily in the situation that you have written about you serve and record a notice of default upon the security for the loan where the borrower gets a copy of the notice.
The borrower has a certain period to cure the default and if not a notice of trustee's sale is served and recorded on the property as well where there is an auction date subject to public bid and where you have a credit bid on what is owed you. I suggest that you consult with a real estate attorney and a title company to guide you through the complicated process.
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