Posted by Rick, the Probate Guy on November 22, 2009 at 09:21:03:
In Reply to: My Buyer has missed two payments .. posted by jc on November 21, 2009 at 13:00:37:
Go to foreclosureforum.com and click on the discussion board. Read as many posting, including the archived posts as you can to get hold of the basic issues concerning foreclosure. The other posters have a strong CA bias which works in your favor.
You'll also find short, archived articles that the host Ward Hanigan has provided that detail certain aspects related to foreclosure.
There are other resources there, including a state-by-state foreclosure summary as well as links to CA f/c laws and several different f/c service providers.
Also, I like Merchant's suggestion for finding a provider.
Lastly, f/c costs are statutory and are on somewhat of a sliding scale, not including some of the expenses that are also incurred, like posting and publishing. My average f/c costs me $3-5K, depending on how clean the deal and other factors.
You might also consider horse-trading your note with someone who's more familiar with the process. Maybe they'd have something that you'd find more desirable to trade for.
Hopefully, your note will have a substantial amount of protective equity behind it. And don't be afraid to mitigate with the trustor(s) just in case you can turn a lemon into lemonade (check out the cashflow forum on this site for more ideas on fixing bad loans).