What is the name of your state (only U.S. law)? CA
What is your advice on course of action when borrower has stopped making their monthly payments on their 2nd mortgage? My now deceased father entered in to this agreement with the borrower through a mortgage broker friend a few years ago. They have made their payments every month up until 4 months ago. I sent them a Registered Letter about a month ago asking if they were having a problem meeting their obligation. I asked them to contact me to discuss. The letter was delivered, but I still haven't heard from them. Doing my research, everything I found on this issue for CA says that you have to get the 1st involved. Am I understanding that correctly?
What is your advice on course of action when borrower has stopped making their monthly payments on their 2nd mortgage? My now deceased father entered in to this agreement with the borrower through a mortgage broker friend a few years ago. They have made their payments every month up until 4 months ago. I sent them a Registered Letter about a month ago asking if they were having a problem meeting their obligation. I asked them to contact me to discuss. The letter was delivered, but I still haven't heard from them. Doing my research, everything I found on this issue for CA says that you have to get the 1st involved. Am I understanding that correctly?