Posted by dealmaker on July 03, 2007 at 14:56:24:
Your friend needs to (1) contact the attorney TODAY, (2) get the july payment in TODAY, and (3) start shopping for loan.
It’s obvious that the seller has smartened up and doesn’t have the b**ls to face to face your friend. Time is ticking and TX is a Trust Deed state. He needs to get going on a loan or be prepared to be on the courthouse steps in early August!
dealmaker
Demand letter - Posted by Dave(TX)
Posted by Dave(TX) on July 03, 2007 at 13:54:25:
A friend bought a property owner financed a year ago and the terms of the note was 0% interest for a year.
When the year was up my friend negotiated with owner to modify the note to the following terms:
5.5% for two years with an option to renew for one year.(This was done verbally and agreed upon).
The title company drew up the modification which my friend signed and was sent to the note holder.
Well last week my friend received a demand letter from the note holders attorney demanding payment in full.
PS…My friend sent last months payment and a copy of the new terms which the note holder cashed.
The note holder does not return any calls nor his attorney.
Should my friend assume that since the note holder cashed the check for last payment to mean that the new terms are in effect?
Should he keep sending the payments?
Please advise?