Can I foreclose the house I sold if the down payment was not paid in full? 5 Answers as of November 25, 2013

Sold a home where I hold the mortgage. Buyers were given two months to have down payment paid in full. Now 4 months have gone by. I haven't charged any late fees. I have asked for the remainder of payment. The buyers keep telling me they're working on it. I’m not sure if I should or can foreclose

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Durham Jones & Pinegar | Erven Nelson
It depends on the language of the promissory note and deed of trust, but generally you could foreclose. A missed down payment would be treated exactly like a missed monthly payment, entitling you to exercise all of your remedies including acceleration of all payments and foreclosure.
Answer Applies to: Nevada
Replied: 11/25/2013
The Law Office of Darren Aronow, PC
The Law Office of Darren Aronow, PC | Darren Aronow
If they have defaulted on payment then you could foreclose.
Answer Applies to: New York
Replied: 11/14/2013
Law Offices of Linda Rose Fessler | Linda Fessler
Yes you can foreclose.
Answer Applies to: California
Replied: 11/14/2013
Stacy Joel Safion, Esq.
Stacy Joel Safion, Esq. | Stacy Joel Safion
Yes you can foreclose.
Answer Applies to: California
Replied: 11/14/2013
Frank Law Group, P.C.
Frank Law Group, P.C. | David E. Frank
It depends on whether the mortgage specified that it was securing payment of the full purchase price including the down payment, or only the balance due after the down payment. If the latter, your best bet may be to sue the owner in small claims court for the down payment. But before doing that, you should consult with a qualified real estate attorney in your area. The consult should cost no more than $500.
Answer Applies to: California
Replied: 11/14/2013
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