In pre-foreclosure for late payments but no money dueowed

[Angie Williams]

Hello BP, I have a home that the buyer, whom I am holding a note for as well as him having a mortgage with Citibank. He’s late consistently sends his check about a month sometimes even two months late. But he is fully paid up on all of his payments. My question is I want to start the foreclosure process against him but if he doesn’t owe money and is just in default due to late payments which is grounds for starting the foreclosure process, what exactly is the process that takes place when no money is owed?

[Ron S.]

Originally posted by @Angie Williams:

Hello BP, I have a home that the buyer, whom I am holding a note for as well as him having a mortgage with Citibank. He’s late consistently sends his check about a month sometimes even two months late. But he is fully paid up on all of his payments.

My question is I want to start the foreclosure process against him but if he doesn’t owe money and is just in default due to late payments which is grounds for starting the foreclosure process, what exactly is the process that takes place when no money is owed?

 If you want to end up on the news, you can foreclose for being late all the time. I can't see any trustee or attorney agreeing to handle a foreclosure for you because the borrower is constantly late. That's what late fees are for. An incentive to pay on time and a disincentive to be late. Foreclosing for being late? Yeah...if I were the borrower, I'd dare you to try that one.  There's a good chance you'd be giving the borrower a free home when they sue you and win.