Foreclosures & Short Sales
Renters Have Protections After Foreclosure
Question: In a recent column you said that, after a foreclosure sale of a home, the investor who purchased the home could “evict the tenant and then sell the home as quickly as possible.” The Protecting Tenants In Foreclosure Act, however, was reinstated by Congress in 2018. This Act provides most tenants with rights to…
Read MoreWeighing Options for Seller with Carryback Loan on Land
Question: In one of your columns a buyer had purchased forty acres of land in northern Arizona (“Forty Acres”) with financing for the purchase of this Forty Acres by a seller-carryback $200,000 five-year mortgage loan. After five years, however, there had been none of the anticipated development in the area, and the Forty Acres was…
Read MoreMortgage Lender Generally has the Right to Either Foreclose or Sue
Question: We bought forty acres of land in Coconino County five years ago for $200,000. We made a $20,000 cash down payment, and the seller did seller carryback financing of $180,000, plus ten percent interest, all due in five years. Although the forty acres of land in Coconino County was to be part of a…
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