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Updated about 3 years ago,
How to foreclose on Seller Financed land
I sold a small parcel of land in California back in 2017 and seller financed $48k of the purchase price. The buyer was paying the loan regularly until mid-2020 when he stopped completely. There's only about $12k left on the loan and the 5 year term on the loan will be coming up in May 2022. I have a few questions rattling around in my head:
1) If the seller can't pay, is foreclosure the best method to recoup the outstanding balance? Is there any way to also repossess the land itself?
2) What type of lawyer should I look for to help me with this? I've looked around and most 'real estate' lawyers are focused on drafting contracts and other legal documents while 'foreclosure' lawyers are almost exclusively focused on helping those getting foreclosed on.
3) Are there any alternative paths of least resistance I'm missing here?
Thanks!