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Rafael, take a look at these two articles:https://pocketsense.com/foreclosing-sellerfinanced-property-26485.html
and
https://pocketsense.com/legal-rights-owner-owner-financed-defaults-26800.html
A quickie summary is that the rules vary wildly from state to state, so you need to find out what’s required in your state. And there’s some urgency involved. Whether you are giving the buyer an opportunity to cure his default, or helping him (or her) to move, you don’t want the process to drag out so long that the property risks getting trashed.
–Dee
The rules are different for every state. If the property is in Texas, you have to foreclose. It’s best to contact a real estate attorney in the state where the property is to make sure you are getting accurate information.
Honestly, sometimes it cheaper to offer CASH for keys instead of a lengthy legal battle like foreclosure (pay them to leave)
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