S
sskrieger
Guest
Basically we sold a property for 45,000. with an existing 1st of 21,000. and we carried the balance of 24,000. in a second. The 1st is not assummable and the buyer cant qualify for bank financing, therefore the first is still in our name. The buyer pays 800+ a month in an effort to pay down the second and build equity within two years when the baloon is due so they can refinance and pay off the first and second. All this is being handled by a title co. that doesn't seem to know what they are doing. The payment is due from the buyer on the 1st of each month and past due on the 10th but no late fee until the payment is 10 days or more late. So the buyer makes the payment each month between the 10th and the 20th, knowing there is no penalty until the 20th. The problem for us is that our payment on the origional 1st is past due on the 15th. By the time the title co. gets the payment and sends it to the mortgage co. it's the 20th, so every month we get charged 25.00 late fee that is added to the principal balance of the loan. The title co. has never sent a late notice to the buyers because they said we have to call them every month to see if the payment was made and then request for them to send a notice. They say were not allowed to contact the buyer directly because it's considered harassment. And the title co. wont allow us to make the mortgage payment ourselves.
What options do we have to either get rid of this title co. or forclose on these people? We already have 4 months of late fees, help.
What options do we have to either get rid of this title co. or forclose on these people? We already have 4 months of late fees, help.