Posted by Jim Simons on January 07, 1999 at 23:16:11:
Just a thought here. It seems to me if all the correct paper work was done and everything was filed as it should be, you would have recourse to collect or foreclose. After all by contract, you should be named and registered as a legal lien holder.
However, I think I also remember a situation like this comming up in Carleton Sheets RE Course. As best I can remember, one possible solution was to use a Good Attorney or Title Company to act as intermediary. They Collect funds from the Buyer and then disperse funds to each party. This way not only do you have a record of what was paid and how, but also, if they don’t pay, the Attorney or Title Co. can pursue them.
Anybody else care to share some help.