Legal Question in Real Estate Law in Arizona

I owner financed a commercial income producing property that I sold to two individuals in Wasilla, Alaska in April 2009. Their monthly payments have been timely until September, but they missed their payment that was due on September 17th. If they continue to miss all future scheduled payments at what point would I initate forclosure proceedings.


Asked on 10/09/09, 11:46 am

1 Answer from Attorneys
Donald Scher Donald T. Scher & Associates, P.C.

It would depend upon how you carried the financing and what are the terms and conditions of the note, deed of trust or mortgage documents. Foreclosure must be done precisely and correctly, you should hire legal counsel immediately and find out where you stand legally, and what steps you must take right now, to protect your interests and to be able to foreclose if needed.

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Answered on 10/14/09, 8:55 pm


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