[comstockfarm]

behind.What are the steps for foreclosure & how long will it take? We have 83 acres (no house) owner financed. We are 2 months behind in the payment. The person who owner financed verbally agreed that if we ever had to default, he would give us credit for the number of acres we had paid for. We have paid on time religiously from March 03 to Dec. 08. Now he says he cannot give us credit for the acreage we have paid for. How do we fight that? Also, what is the procedure for Owner Financed Foreclosure? What are the legal steps he must take? Approx. how long does it take. The property is in SC. Thank you to anyone who will help.

[Komaraconsulting]

The typical foreclosure timeline in South Carolina is around 6 months. As far as getting credit for the acres you paid for, you should have got something in writting about that instead of a verbal agreement.