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Foreclosure

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Z

zebra120

Guest
:D

I reside in California and am the holder of a 2nd trust deed of $20K on a condo worth $325K. The terms are a 2 year balloon at 8%, with monthly payments of $166.
Since I was remiss in not addressing late fees, I have received my payments in a not so timely fashion. The last check for 2 months payments bounced. There is a clause exonerating me from legal fees if the note is called (my preference) or foreclosure. Since I know the Trustor, and know he is playing games for some personal reasons, how do I call the note or advise him I am going to do so?

Thanks

Zebra120
 


HomeGuru

Senior Member
Send a demand letter advising him of his default and quoting the terms and conditions in the mortgage. Make sure you state a date by which his default is to be cured.
 

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