All Forum Posts by: Joseph Hernandez

Hello, yes I do live in the area. I have sent certified notice to accelerate and intent to foreclose letters. 
The biggest step now is, how do I file it with the County Clerks Office? 

Yes, I don't think it's a great idea to sell Owner Finance. I was told it would be simple to foreclose, but that is not the case. 

Trial and Error.

I'll call Buchanan Law, are they out of Rockwall, Tx?

Thank you for responding. 

I apologize, the property is in ROCKPORT TX, Near CORPUS CHRISTI TX. The Attorney that wrote up the contract does business in SA and Austin. Bigger Pockets doesn't have a (CORPUS CHRISTI LOCATION CHOICE).

I have done everything I thought I had to do, send out letters for late payment, intent to foreclose, foreclose acceleration. 

I was recently told to go down to the County Clerks office by another Title agency and take everything I have. I did that and they had no clue, they could not file it. 

What documents, how do I write it up and present it to the County Clerks office to file?
How do you post a foreclosure? 

Thank you. 

Investment Info:

Single-family residence other investment in Ingleside.

Cash invested: $5,200
Sale price: $153,000

This was a distressed property, about to go into foreclosure. I bought the property subject to the existing mortgage. I caught the owner up on payments and helped him move. I took over payment and I rented out the property on a 6 month lease. The lease went over due to Covid. Sold the property 153k.

What made you interested in investing in this type of deal?

It was the best option at the moment.

How did you find this deal and how did you negotiate it?

I was made aware from a relative that their neighbor was in default and needed help.

How did you add value to the deal?

I helped the owner with moving and caught the owner up on payment.

What was the outcome?

Everyone was happy, I even sent the owner a few thousand for the opportunity.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I remembered watching Jerry Norton on how to do a Subject To. I called the right people and had the right agreement forms. It worked somewhat smoothly.

So, I sold a Parcel in Dec. 2021 using Owner Financing . Title named The buyer as Grantor, Trustee as Myself and Lender as myself. I was told it was much easier to have me as trustee so if I ever need to foreclose I can accelerate the foreclosure. Texas is a non-judicial State and there is no need to go to court. I do however have to show that I have attempted to receive payment. 

So, Buyer missed 1st payment, there is a 5% fee for missing a payment. Buyer then misses 2nd payment, then misses third payment. I finally reach her to occur the payment by phone. She makes a payment for the first month, but is short. 

Mind you, I have sent out letters each month along with emails and calls making her aware of each payment missed. 

I called Title to speak with the attorney who wrote the contract as to how to foreclose. He lives in another city and told me to find a local attorney. I called around and not one person works with foreclosures unless their representing the debtor. 

I have googled ways for owners to foreclose and there isn't actual steps to foreclose.  
This was supposed to be the easiest route I was told by Title, but it has been confusing and draining.

Have any of you ever dealt with something like this or know which route and steps to take? Thank you in advance.