When to Foreclose

[Jason Lee]

I owner financed a property that I own.  10 years.  1000$ per month.  8% apr. I got a great sales price.  I used an attorney.  Deed of trust and promissory note.  Buyers paid down payment.  They made 2 payments on time.  All was looking good.

Insurance (required) was purchased then canceled due to non payment.

Third payment is nearly one month late.  Fourth payment coming due soon.

I spoke with buyers.  Promised to pay, had an emergency, etc.  No payment.

I found an attorney to start foreclosure.  Not bad will cost me $800. I am just wondering when.  Should I proceed.  Should I wait.

Attorney advised me to get insurance and pay out of pocket.  I found a hazard policy and will get that today.  It covers 80k cost me $100 a month.

Any advise appreciated. I know you will ask why not contract for deed? The HOA does not allow rentals or contract for deed. Promissary note, deed of trust was only option.