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11/01/10, 03:02 PM
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Windy Island Acres
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Join Date: May 2002
Location: The Quiet Corner of CT
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Do I need a lawyer?
I am holding a mortgage-contract for deed- on a piece of property in Florida. These folks have paid 8 out of the 10 years of the note, not very punctually, but paid none the less.
They now owe 4 months past due and the 5th is coming due mid month. the contract says I can ask for payment in full or take my property back if they are 3 months in arrears.
Do I need a lawyer to do this?
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11/01/10, 04:05 PM
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Join Date: Jul 2006
Location: Eastern North Carolina
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Quote:
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Do I need a lawyer to do this?
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I would imagine all you need is the Sheriff or a Magistrate to issue an eviction notice.
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11/01/10, 04:14 PM
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Windy Island Acres
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Join Date: May 2002
Location: The Quiet Corner of CT
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They aren't living there. It's just raw land. It gets confusing because the land is in Florida, they live in Georgia, and I live in Connectiut.
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11/01/10, 04:16 PM
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Join Date: Jul 2006
Location: Eastern North Carolina
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Quote:
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It gets confusing because the land is in Florida, they live in Georgia, and I live in Connectiut.
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You just MIGHT need a lawyer for all that
Good luck
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11/01/10, 04:21 PM
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Dallas
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Since you are a number of states away, I would probably recommend a local (FL) lawyer, there is going to have to be paperwork filed with the county, probably served on the people in Georgia. so unless you want to learn what you need to do and take a vacation to do it, I would say yes.
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11/01/10, 04:21 PM
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Join Date: Nov 2008
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Quote:
Originally Posted by suelandress
I am holding a mortgage-contract for deed- on a piece of property in Florida. These folks have paid 8 out of the 10 years of the note, not very punctually, but paid none the less.
They now owe 4 months past due and the 5th is coming due mid month. the contract says I can ask for payment in full or take my property back if they are 3 months in arrears.
Do I need a lawyer to do this?
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I think my first question would be. Do I really want the property back and have to sell it again?
I'm all about getting paid for what I have sold but in these times a great many folks are in trouble. Have you talked with them about figuring a way to pay? Are they working?
You know they have to be sick at the thought of loosing the property 8 years into a 10 year note.
I imagine you have done quite a bit of thinking yourself on the matter.
Can you give us anymore info?
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11/01/10, 05:21 PM
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Windy Island Acres
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Join Date: May 2002
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They have done their best to avoid my phone calls. The last one, in August, I got a "my mother is ill and my husband is going through bankruptcy". They haven't bothered returning my calls since.
I know times are tough, we are going through our own financial meltdown. My sympathies expired when they decided ignoring me was the best way to go. As for reowning the property, I will offer them to pay in full now first. They can try to get the money from relatives if they so choose.
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11/01/10, 05:46 PM
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It takes along time to forclose on a morgage. Are you sure you don't have a trust deed? With all the states involved, I'd see how much it'd cost to hire a real estate atty, then go step by step from there.
You can always renegotiate the note if they can't come up the rest of the $ in a lump sum. Is there anything they have that they can sell or give you (like a tractor) to pay off the note? But with their past behavior, I'd be very cautious.
Good luck.
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11/01/10, 06:19 PM
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Windy Island Acres
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Join Date: May 2002
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It is a "contract for deed" And yeah, they're past and current behavior.....
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11/01/10, 08:03 PM
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Banned
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Its a contract for deed Id speak with a Florida lawyer but I dont think you have to do anything.
Its your place ,they dont live there and you can do what you want with it.
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11/01/10, 08:12 PM
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Unapologetically me
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Join Date: Mar 2003
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Who's paying the taxes on it and are they current?
The county might own it by now.
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11/01/10, 08:29 PM
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Windy Island Acres
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Join Date: May 2002
Location: The Quiet Corner of CT
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Good question. they should be.
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WindyIslandPeeps.com
The air of heaven is that which blows between a horses ears-
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11/01/10, 08:32 PM
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If the husband filed bankruptcy their lawyer has probably told them to avoid any calls from people that they owe money to, it should all be in the lawyer's lap now.Should take him awhile to get people contacted and such.
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11/01/10, 08:47 PM
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A Contract for Deed is different than a mortgage in MO, Here on a Contract for Deed if the parties don't pay all the owner has to do is file a Quit Claim and it is all over. Ownership of the proerty does not occur until the Contract for Deed is satisfied.
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11/01/10, 08:56 PM
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Why a quit claim?
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11/01/10, 09:19 PM
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Join Date: Dec 2008
Location: Tennessee
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Here the contract just becomes void i would say it is 100% still yours just check on the taxes 
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11/01/10, 11:04 PM
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They Quit Claim conveys any claim on the property the buyers may have back to the owner. I bought my farm on a Contract for Deed. I actually had to sign a Quit Claim at the time the contract for deed was iniated that became effective in the event I missed 3 payments in a row. I have long since paid the place off.
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11/01/10, 11:39 PM
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Windy Island Acres
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Join Date: May 2002
Location: The Quiet Corner of CT
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This doesn't come with a quit claim, but it does stipulate that payment in full can be required or property forfeited if 3 payments are missed. A friend of mine had purchased property the same time I bought this and he fell behind on payments and lost the property. I wish I remembered just how that proceeded.
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The air of heaven is that which blows between a horses ears-
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11/02/10, 02:06 AM
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Singletree Moderator
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Join Date: Apr 2002
Location: North Alabama
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In my life every time I felt that I might require an attorney, I consulted with a reputable attorney specializing in the field or possibly two that offered the first consult for free in my area.
Sometimes it was concluded that I needed one other times that I didn't, but the attornies whom I free consulted with generally were kind enough to aim me in the direction I needed to proceed in if I did not require their assistance.
So my non attorney opinion based on past personal experience would be if you think you might require an attorney's advice, research reputable ones in your area that offer free first consultations and ask . You can also check in your municipality for a free legal aid service if you cant find a reputable attorney offering free first consult.
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Last edited by Shrek; 11/02/10 at 02:10 AM.
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11/02/10, 04:25 AM
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Join Date: Jan 2010
Location: Alaska
Posts: 222
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It sounds to me like you understand your contract perfectly. In this respect you probably would not need an attorney, however, for the matter of exercising the recouperation of money or land or (probably in your case both) I'd elect for representation from a local real estate attorney. He can write the papers, file nesessary court and tax documents, liasson with the sheriff for serivng of any papers, and generaly be you man on the ground, so to speak.
I've been through a similar scenario before with ground in NC I sold a couple years ago. In the end, I'm glad I had representation.
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