Need help keeping my Cash Cow MH - Posted by Investorrob
Posted by Investorrob on July 22, 2003 at 18:21:43:
I have a current buyer that has signs up trying to sell the mobile home that I am holding a prommissory note on.
Here is the history behind this
I made a deal to take a portion of Stafford student loan payments they were getting. The mh was to be paid off by the end of July a total of $6500 When I got Junes payment they said that because of summer they would not get any more loan payments till September. I stated but did not put in writing aggreeing to this. I received notice from the insurance compay the middle of June, that the Insurance was unpaid. At the time I receives Junes payment I ask about insurance and was told by buyer “my mom will make payment to insurance company this week.” Which was at the end of June. or about 3 1/2 weeks ago Short story is No insurance now on mh.
I drove by the mh today and for sale signs are out.
here are the claws or teeth I have in the Promissory Note dealing with insurance and selling the moble home.
The note shall at the option of the note holder. be declared in default if any of the following occur
“#5 Failure to pay required taxes and insurance premimums when due.”
Then this clause pertains to selling the mobile home.
“The note may be paid off at any time without penality, but cannot be assumed by another party with out written consent of Note Holder.”
The title is in our name and does not show the buyer on title in anyway.
Ok here is where I want answers from you that have delt with something like this in your mh investing. What would you do to the buyer???
I will not let the buyer collect the monies left owing me. To clear me from the deal----meaning I won’t hand over the title.— The buyer did not ask to sell the mobile home first before putting up signs as is clearly stated in the note I hold.
Thanks in advance.