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i hold a mortgage on a commercial building NJ. The buyer signed the deed back to me as security at closing to secure the debt. I wanted 25% down he only had 15%. The contract of sale states "he will sign a deed back at morgage to be held in escrow in case of default 3 months " giving me the right to file the deed in escrow taking back ownership. He has been in default since Aug 2009, 10 months of mortgage. property taxes outstanding and business and property insurance are due. I filed the deed of ownership November 2009 as per our contractual agreement with the initial understanding we were both to avoid foreclosure proceedings. Both parties were represented by legal council. Since November he is still operating...does he have any rights to continue to operate his business as a non payer, does he still have rights of redemption after signing the deed back as security, (default).?? do i have to go to court ?
He is still operating a business, in my commercial building, he is the sole occupant.

adonis · Posted: Sun May 16, 2010 7:53 pm Post subject:

Welcome ali,

As you have taken over the property as the buyer was in default, you will be considered as the present owner of the property. He cannot operate his business in your property. However, you can give the property to him in lieu of rent. In that case, he can operate his business from your property. I would suggest you to take the help of an attorney in this matter.

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