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owner financing

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W

wyoung

Guest
texas- 7 years ago, i owner financed 2 acres and a mobile home. since then, payments have been on time maybe 2%. 3 years ago, mobile home was paid off so that buyer could buy bigger mh. land was re-financed. still late payments consistantly. never over 60 days though. can i call in loan or forclose.
 


Souix

Senior Member
wyoung said:
texas- 7 years ago, i owner financed 2 acres and a mobile home. since then, payments have been on time maybe 2%. 3 years ago, mobile home was paid off so that buyer could buy bigger mh. land was re-financed. still late payments consistantly. never over 60 days though. can i call in loan or forclose.


***It depends on what your contract or trust deed says***
 

HomeGuru

Senior Member
wyoung said:
texas- 7 years ago, i owner financed 2 acres and a mobile home. since then, payments have been on time maybe 2%. 3 years ago, mobile home was paid off so that buyer could buy bigger mh. land was re-financed. still late payments consistantly. never over 60 days though. can i call in loan or forclose.
**A: why are you asking us? Did you read your contract?
 
J

justpassingthru

Guest
You have accepted late payments for 3 years and now you want to foreclose? You had no obligation to accept late payments so why did you and why for so long? You can't very well punish someone for something you have let them get away with for 3 years. I would think that what you have done is imply to your borrower that late payments are acceptable. You should probably write them a letter and inform them that all future payments will be made on time and you will no longer accept late payments period.

Don't you think trying to take back the property after they have paid on it all these years is a bit CRAPPY??!!
 

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