Legal Question in Real Estate Law in Texas

I live in Texas and owner financed a home to some idiots. I chase them down for $$ every month, and this month they are in Mexico. They are Hispanioc and he is a truck driver, but thats a different story... BUT, the kicker is they are not living in the house, and havent been for many months. My contract says they have to live in it, per the insurance requirements. Can I foreclose due to not taking care of my house and not living in it?


Asked on 8/09/10, 8:22 am

1 Answer from Attorneys

Read the deed of trust. If it is an event of default, then you can accelerate and foreclose, if that is what the DOT allows you to do. As a better alternative, you might see about selling the note or having an administrator take over the note (less headache for you.) Otherwise, you can have a sit down with the borrower and ask that they refinance with a bank (thereby buying out your interest.)

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Answered on 8/14/10, 8:40 am


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