Posted by JoeKaiser on June 08, 2000 at 23:51:34:
Go talk to them. Until you know their situation, you can’t make an informed decision as to how to proceed.
Forget the letters, go knock on their door.
Joe
Should I try to Foreclosure - Posted by Phillip
Posted by Phillip on June 08, 2000 at 20:57:35:
I am holding a second note for $14,500 which is due in full December 2001. I have held the note since December 1998. The other party is now thirty days late, May 2000 was missed altogether and as of today, June 9, 2000 they are yet to pay. I sent a letter requesting payment which they should have received two days ago. No response.
I want to avoid foreclosure because it is my undersetanding that I can be wiped out as it, algother by the first lien holder; the first mortgage. Should I try to take back the house and take over the mortgage payment, or would the mortgage company offer some type of deal to the people already living in the home first? How should I handle this situation?
Re: Should I try to Foreclosure - Posted by ScottE
Posted by ScottE on June 11, 2000 at 19:44:31:
Phillip,
Also try posting on the Cashflow forum. John Behle usually has great ideas on how to restructure defaulting notes to provide even better yields than originally.
His opinion is that a defaulting note is an opportunity rather than a money vacuum.
Scott