Posted by Jim Kennedy - Houston, TX on December 09, 1999 at 18:37:59:
In your post you indicated: ?Borrower has good credit. I was not aware he was supposed to be making interest only payments and I am not sure he was aware of it either.?
If neither YOU NOR YOUR BORROWER were aware that interest only payments were due, why would you want to ding the borrower?s credit? Is the principal now due and the borrower unable to pay? Unless you prefer to foreclose in order to take back the property, why not work out a mutually acceptable arrangement with the borrower and modify your original agreement?
Really none of my business, just curious.
Best of Success!!