How do I foreclose on a lot?

Get Legal Help Today

 Secured with SHA-256 Encryption

How do I foreclose on a lot?

Sold lot 2 years ago and held paper with a balloon payment in June. Buyers said they do not intend to pay. What can I do?

Asked on May 12, 2009 under Real Estate Law, Florida

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

You need to consider this an anticipatory repudiation (they don't intend to comply with contract and in fact, intend to breach) and foreclose.  How to foreclose:

You need to determine in your state if you must do judicial foreclosure or non judicial foreclosure or if you have an option.  

In order to do that, your best is to have a foreclosure attorney handle the matter (help with publication, notices, issues of deficiency judgments if you intend to sell the lot at a foreclosure sale). Try www.attorneypages.com for a foreclosure attorney. 

 

In terms of your state: it appears on a brief overview you have judicial foreclosure and it can take up to 135 days or so. 


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption