Posted by Dr. B (OH) on August 22, 2003 at 21:15:36:
Yes Clyde,
There’s legal recourse. Typically, as 1st lienholder, you can go to court for default, get a judgement, and reposess the home. I’ts better if you can do it the Dr. Whistler way.
Steve
Buyer is defaulting how do I handle it? - Posted by Jim
Posted by Jim on August 15, 2003 at 14:17:03:
I have a buyer who is being transferred out of state. He is 3 days late on his payment right now. He said he will be back in town next Friday to settle up with me and get stuff out of trailer.
First off, he is not renting he owns it so I am a little surprised at the casualness of his approach. It technically is his responsibility. However, I know I won’t collect from him and he will move out gracefully and promptly with no damage. I’ll just resell the trailer asap.
How should I handle this? How do I get title back in my name from his? I am shown as 1st lien holder.
Any advice is appreciated.
Re: Buyer is defaulting how do I handle it? - Posted by Clyde
Posted by Clyde on August 16, 2003 at 08:09:19:
Wow! That’s interesting. I haven’t bought anything as yet. In fact I’m a day old to this website, this board and man I’ve been up all morning since 3:am. To follow up on Jim’s question. What if this buyer just didn’t contact you anymore, kept the door lock and left you in the cold without another payment. I suppose there are legal recourse…
Thanks!
Handle it with a BIG smile if… - Posted by Dr. Craig Whisler CA NV
Posted by Dr. Craig Whisler CA NV on August 15, 2003 at 14:44:47:
…you got a sufficient downpayment. If you didn’t get enough downstroke to make having to resell it worth your time and effort, maybe you could try a small or medium size smile.
Join the club, Jim, it happens to all of us eventually. One great side benefit about this business is that you learn a lot about people.
I often try to get additional local cosigners and/or additional collateral such as a car title or a trust deed on a friend, parents, or boss’ house. This protects me if I’ve sold on a skinny downpayment. I know you can’t do this all of the time but you sure can try it all of the time. Did you even try to get additional co-signers or added collateral? No, I thought as much (it was just a rhetorical question anyway).
Its OK, Jim, to make mistakes. Its not OK to never try. Its great that you brought your problem to this board for advice. I think you will go far in the mobile home business.
You are asking a legal question about how to get the title back and the answer will vary from state to state. Generally if you ask him to sign the title back to you in lieu of repossession, he will be likely do so, especially if you are polite and tactful, AND mention that this might protect him from having a nasty ding on his credit record. Well, Jim, which would you choose, the carrot or the stick? You could even offer to give him a written release from your contract if he signs it back to you, CLEAN and with no damage. See, you give something to get something. What could be more fair?
I would first call your local agency that handles the titling and ask them for their specific proceedures to accomplish what you want to do. This will likely get you accurate and FREE legal advice for your state. You will probably also want to stop by their office to get any forms that you will need.
Regards, doc