Sold with Owner Finance in FL - Buyer Already Late in 1st Payment

[Adriano B.]

Hello BP,

I sold a property in Miami, FL and provided some owner finance to buyer. This is my first experience providing owner finance on a property. The deed was recorded in first position. The buyer (now mortgagor) is already late in making his first payment. I know I have to send him a letter of default or warning letter as the first step in an eventual foreclosure process. Questions:

- Does anyone know where I can find a template for this type of letter applicable to FL?

- Does anyone know of a real estate attorney in Miami that they would recommend?

- Any advice or comments?

[Wayne Brooks]

@Adriano B.

You should have in the beginning, but now you Really need to hire a mtg servicer to handle the loan, payments, late notices, etc.  You likely have unknowingly already violated the laws associated with owner financing, especially if they are an owner occupant of the house.

There are all kinds of federal laws on grace periods, notices, defaults, acceleration, communication, etc.

I don’t know of any to recommend, there are other threads on that here.  Some are better for mortgage delinquencies than others.  I know FCI is a servicer for individual notes, don’t know if they are good or bad.