Legal Question in Real Estate Law in Kentucky

How to foreclose on a contract for deed (buyer not paying)
Sold our house last yr on contract for deed (after buyer unexpectedly came to closing table w/ no money). Contract expired last month & buyer still has not secured financing to buy property. Buyer short on monthly payments & made no payment this month. We want to begin foreclosure on him. Do not know where to start? Buyer put $15,000.00 down & the contract says we get to keep ALL money even if we foreclose on him. Could Judge order us to pay him back (downpayment money as well as what monthly payments he's made thus far)? Also,will he pay our legal fees? Since contract expired last month can price be renogotiated? Who will calculate what he really owes us? He does his own amoratization table each month & his figures look ''off''(he applies too much $$ toward the principal). HELP,he's taking advantage of us!

Asked on 8/21/02, 9:30 am

Bryan LeSieur LeSieur Law Office

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Re: How to foreclose on a contract for deed (buyer not paying)

a contract foreclosure work just like a bank mortgage foreclosure. you need an attorney to file the action and get it started

Answered on 8/21/02, 9:47 am

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