Posted by dealmaker on May 26, 2007 at 23:26:40:
It would be the same as if third party financed, but it’s a matter of STATE law. Here in TX we’re a “Trust Deed” state so it’s real fast; be late on March payment and you’ll be on the courthouse steps first week in May.
BTW, it’s definitely something for a lawyer to do. I’ve seller financed 25 or so, and foreclosed (or browbeat the borrower into deeding it back to me) 5 or 6 times so I’ve got the form letters and know how to do it, but I still pay the attorney (about $1000 last March) to do it. I don’t want anything done wrong.