Foreclosing on an owner finance

[Wade Stahle]

I have a bit of a difficult one. I have a gentleman that is owner financing his home. His "renter" is 3 months behind on his payments and can legally be foreclosed on in my state. He doesn't want to deal with it and will carry the note to me for $200k (its worth $250-275). How can I structure this? Can someone go into depth? The "renter's" name is on the warranty deed.

[Mark Winkle]

Hire an attorney and structure it as a debt transfer (assignment of assets). Any good Real estate or business atty. can do this. Then record these legal  documents with your county recorder, treasurer/assessor, and auditor so everyone knows what is going on. Gently serve copies of said time stamped legal documents to your "tenant" and respectfully ask for the arrears. Give them notice of your intent to foreclose as well within a specific time period, then get your attorney to start the process (it could take some time) if they don't pay the account up. Anyway, that's what I would do.