Posted by Paul_MA on January 22, 2001 at 17:45:20:
First, you didn’t say how she bought the property from you. Was it seller financing? L/O?
Anyway, concerning the second, here’s a couple of idea’s:
Let her make payments on the note to you. Structure a new note with payments she can afford. Better to get something than nothing. Work with the buyer.
Maybe she can’t financing CONVENTIONALLY. Money is available to those with less than perfect credit. Call some mortgage brokers or subprime direct lenders. You can find a lender for her.
If the 1st mortgage IS seller financing, structure a new note covering all of the sale price including your 6k (minus the down payment) and sell the note for cash to you.