Contract for Deed cancellation. What is the procedure for collection of money loss on a cancellation of Contract for Deed?

Asked about 1 year ago - Minneapolis, MN

I will be giving Notice for Cancellation on Contract for Deed on a home purchase and the chance of the buyer being able to redeem are less than 1%, Presently I will be out 3 months mortgage payment plus unpaid taxes and city utilities. As the creditor the buyers are angry with me and I do not foresee them taking any responsibility. Do I have any rights to periodically inspect the property while waiting out the Cancellation of Contract for Deed? What is the best or alternative ways of collection of my loss. The wife does have a good job. Do I get a judgment and garnishee wages or turn over to collection agency or what?

Attorney answers (1)

  1. Jeremy Judson Cobb

    Contributor Level 14

    Answered . Presumably you can afford an attorney to help you work through these legal questions. Avvo is not a surrogate for competent legal representation.

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