Updated about 7 years ago on . Most recent reply
Seller financing question what to do now? Payment is overdue.
Hello BP!
I did seller financing for the first time on a property I inherited. I sold the property for 18k and the borrower owes about 12k. The property is in AK and I lIve out of state.
The borrower has been getting later and later with payments to the bank that manages the mortgage for me. At this point they are over 30 days late and are ghosting me when I try to reach out via text or phone call.
My paperwork shows I can forclose after 30 days. My question is, where do I start?
Thanks in advance for any thoughts or recomendations!
-Ryan
Most Popular Reply
Consider finding a local buyer for the note or hire an attorney to deal with the POTENTIAL foreclosure. I say potential because in many states this would probably not get to a foreclosure at this point.