I bought an investment commercial property in Texas 3 years ago (8-plex). I am current on all payments, fixed rate loan. I owe $140,000 on the mortgage, no 2nds or anything else.

1 year ago, I decided to look for an investment partner because I live a thousand miles away from Texas and it was becoming very difficult for me to maintain the property from so far away. It was also becoming a considerable liability, as it had recently been broken into and was getting destroyed by local vandals/thiefs/addicts. I was receiving notices from the city on a regular basis and paying fines due to the delapidated status of my property.

I consequently sold the property to an investor, as an Owner-will-carry arrangement. I continue to carry the original mortgage note, he pays me monthly an agreed upon price, I then pay the original mortgage payment.

At first things were fine...he upgraded the property, put in extensive repairs, found renters and paid me monthly. I no longer had to worry about the property.

However for the last 2 months he can no longer to be found...is no longer paying the monthly mortgage payment to me as specified in our contract. His phone and office, etc are no longer valid #s. Technically, he is 1 month late on the mortgage payment he owes me, and is about to be officially 2 months late this coming week.

What is my recourse in a situation like this? Can I foreclose on his interest in the property and re-sell it again to the highest bidder? With all the repairs he put in, I feel I can get much more for the property now. How long do I have to wait before I can safely foreclose his interest in the property? What process do I need to follow?

The city is Houston Texas.

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