Posted by Anne_ND on April 13, 2006 at 10:23:26:
Wondering why you didn’t get your lawyer to send a ‘cease and desist’ letter to the neighbor when you were trying to sell it, and then why the same lawyer didn’t start foreclosure when the payments started coming in late?
I’d say get a competent real estate attorney to handle the situation. Maybe a letter (that the attorney can compose) on legal letterhead might be all it takes. Did you check to find out whether the first is current?
If the first is current I’d call the payor, sit down over a cup of coffee and hash out something that works for both of you- maybe higher interest rate, add the unpaid balance to the back end of the note and temporarily lower the monthly so he can deal with whatever is making him late.
We forget sometimes that first time homebuyers are often overwhelmed by the costs of home ownership in the first year, if you’re lucky that’s all this guy is dealing with. It’s critical that you train this late payor before he trains you.