More details to this question:
Builder bought my property which is in a trust. I am trustee and there are 4 siblings. It is a Sandy property. Put a down payment and I hold mortgage for 2yr. he pays monthly 6% int. only. Balloon payment due at the 2yr mark. He built a house on property and it is on the market now but he does not have the money to pay me until house is sold, note is due now. How long does foreclosure take, I've been told it is lengthy and he would probably have the house sold before foreclosure. He has asked me to extend this arrangement for another 6 months. Siblings want to be paid. We want this over. What are my options. Your help is very much appreciated.
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The arrangement you made was somewhat unusual. Your rights are in the first instance governed by the documents you made. If you had a lawyer ask that lawyer. Without reference to the documents a foreclosure is a long process. However, it is your only leverage to getting paid. Ultimately an extension is probably your only option, but you should have the deal reviewed to make sure you have the rights you think you have.
Answered on Apr 01st, 2017 at 8:01 AM