foreclosing a CFD - Posted by DaveB

Posted by Ed Copp (OH) on April 20, 2000 at 13:20:01:

Several years ago I purchased a Land Contract. In the process I got the deed, and I also got the L/C purchaser. Shortly the purchaser disappeared. The neighbors said he went to another state. He left the door standing open, so I changed the lock, and went to see my lawyer. The lawyer suggested an action to Quiet Title. We did that, and in the meantime I already had possession of the property, so this worked fine. Something like this might work in your state also, check it out. Good luck…ED

foreclosing a CFD - Posted by DaveB

Posted by DaveB on April 20, 2000 at 12:40:31:

I am taking back a CFD that the buyer has defaulted on. A few months back I could actually contact this failed buyer at another address (had moved out of the original property that I was selling to them), but can no longer locate or get a response from them. My mistake was to allow this person on title (with me) in order to secure a loan he assured me he could get. I realize that I could go thru the legal foreclosure and get a default type judgement, but want to know if there is another way since the buyer has “vanished”. I have a new buyer ready now, if not yesterday, and want to proceed as quickly as possible.
Can I even lease till I clear up the title? I am still co-owner I guess, and do have possession.
Any suggestions would be appreciated.
DAve B in KC

Re: foreclosing a CFD - Posted by Jim IL

Posted by Jim IL on April 20, 2000 at 17:41:27:

Before initiating a quiet title action or foreclosure, would it not be easier to just find this missing buyer and get him to sign off?
So, with that in mind, my suggestion would be to spend a few dollars on a “Skip trace” of this person.
There are services out there that do “skip traces” exclusively, and there are also Private detective agencies that do this as well.
Try to find one that is a “no find, no fee” type of place.
This way, you only pay them IF they find him.

And, if they do not, you are out nothing but a couple of days.

You may also try to find them yourself.
Try the post office, and see if they left a forwarding address.
Also, check the court clerks office and see if any recent files have been opened with that persons name.
They may have gotten a traffic ticket recently or had some other case against them, either civil or criminal.
This should list where they are, because they will have to have been served with process.

Also, what about the application they filled out for you, or the background info you gathered before from them? Any “emergency contacts” listed there, such as family etc.? Try to call them and say that you have some money you owe them and want to contact them to pay them. People are a lot more willing to be found when they think you are delivering money to them.

Just some basic ideas,
Jim IL

P.S. If you want to try and find them yourself, and none of the above works, drop me an e-mail and I’ll see what else I can think of for you. (I used to be a P.I. and may be able to help a bit.)