We have a commercial property that we put on the market about 3 years ago. We sold it to a lady using a simple contract and a title company for 60k. She gave us the down payment and started paying off the rest in good faith.
Six months ago she passed away leaving everything to her daughter who began taking up the payments. From the first time we collected from her shes lied to us and given us the run around. Every time she has payed she's been late now shes owes two months backed up and going on three. The property has become dilapidated due to neglect and I seriously doubt she has the proper insurance anymore.
These people still owe about half of the contract. And this isn't a house it's a small commercial property . What do I have to do to get away from dealing with these people ? Can I foreclose ? If so how do I go about this ?
Any advise is welcome. Please
Answers & Comments
Verified answer
It sounds like you should be able to foreclose or call the note. The heirs were not party to your contract and upon the purchaser's death you could have called in your note to be paid in full. You need to seek legal advice as to how to proceed from here.