We have been owner financing a trailer house and the buyers have not been making payments so we need them out so we can resell it. I heard that we can get them to sign a Deed in Lieu of Foreclosure so that we don't have to go through the formal foreclosure process. They have already agreed to sign it and I think that we can take care of everything amicably. Do I need a lawyer to go through this process or is there just some form that we can sign and have notarized?
Better use a lawyer. You do not want anything to go wrong with the wording or the filing. If something does go wrong, you want a lawyer with malpractice insurance. Sometimes it is better to pay a few hundred dollars to make sure things are done right and this is one of those occasions.
I'm curious, how did you structure the transaction? Because how you proceed would depend if you have a note to foreclose on, or whether it was a installment land contract. Either way, there are legal implications of not doing things in a certain way, so best to hire an attorney.
