0
You are carrying the note on a property the home buyer has not made their payment what steps can you take to obtain payment?
Wiki User
∙ 14y ago
You have a few options. First, I recommend you get an attorney. This is important, even though it may cost a bit. With an experienced attorney you always have options.
Depending on how far behind they are, I would suggest different approaches.
One month behind but still paying:
Try to talk to them even if they are avoiding you. Being one month behind but still making payments is better than nothing at all. Do not go out of your way to be nice, but try and work something out with them.
Several months behind:
If they are repeatedly avoiding you and have fallen very behind, I would suggest commencing foreclosure proceedings against them. This will at least force them to put the house on the market and if not, lose the house to you, at which point you can sell it or lease it out to recover some of your losses.
Think Properties NYC.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
Where might one go to obtain a loan for the purchase of a home?
A person is able to obtain a loan for the purchase of a home from a number of sources. The number one place to go would be a realtor, who would act as the intermediary between the buyer and seller of a property.
Difference between buyers credit and letter of credit?
Buyer's credit is extended to finance the purchase of goods or services. A letter of credit guarantees that a payment will be received. If the buyer doesn't make a payment, the bank has to pay.
What is mt110 and how can a buyer use this is a means of payment?
if you receive an Payment advice via MT110 swift does it mean that your account will be credited with such amount
Does a cosigner have any legal rights to sell your house if there has never been a missed payment or late payment?
No, a cosigner has no legal rights to the property unless their name is on the title or deed. A cosigner is accepting the responsibility of the debt if the primary borrower defaults; a co-buyer/borrower is a different matter entirely.
What is a gift of equity?
Basically it is the difference between the below market sale price compared to the property value that is a gift from the sellers to the buyers. This is a method generally used by family members. The lender then allows the buyer to use the Gift Of Equity Letter as the down payment on the property they wish to purchase.
How can a lien holder refuse to return property back to buyer?
Generally, if there is a debt involved the lien holder can hold the property until the debt is resolved. It is a security interest over property to guarantee payment.
Contract for Deed?
A contract for deed is a real estate transaction where the seller finances the purchase for the buyer. The buyer makes regular payments to the seller over time, and once the full amount is paid, ownership of the property is transferred to the buyer. It is also known as a land contract or installment contract.
If the buyer stop making payment will the co-buyer or the buyer be responsible for the loan?
yes
What is the difference between advance payment and down payment?
Down Payment: Payment, which is a loan in advance with no securities for the borrower or the buyer. Advance Payment: Payment which is connected with respective responsibilities. That means that the borrower or buyer gets some securities from the lender or vendor.
Can a HOA put a lien on a house for non payment of dues when HOA papers weren't signed?
A lien clouds title to a property, which means that the property owner may not successfully transfer title to another owner until the lien is satisfied. As buyer, you are entitled to a 'clean title' to the property. The association may not file a lien against a new buyer upon purchase, since the new buyer is not obligated to pay assessments until the date of purchase and beyond.
What is the reason for the payment of goodwill?
A payment of goodwill, sometimes called a payment of earnest, is to let a seller know that a buyer is serious about buying something. A person seeking home ownership might give this type of payment to a realtor to prove they are a serious buyer.
Can a buyer of real estate property place a lien for repairs to property prior to the closing date?
No. The buyer has no authority to place a lien on the property and no cause of action for which to sue.
If you have a judgment and lien against your home can you sell it and keep the equity of 125000.00?
The buyer's attorney would have a title examination performed prior to the sale. The liens would be disclosed by the title examination. The buyer's attorney would require that the liens be paid before the buyer takes title. You would get the net proceeds after the payment of the liens and any other sums due on the property such as property taxes, utility and municipal services and mortgages.
How would one describe a land contract?
A land contract is a contract between seller and buyer of property. A contract is only made when an agreement between seller and buyer has been reached. The seller becomes the land owner only when the full payment has been made.
Does DDR sell property at decent prices?
DDR has a pricing system that ensures the buyer a set price. Whether or not the buyer feels the property is being sold at a decent price is the buyer's opinion.
If a person is buying property but has not yet paid for it can he remove anything off of the property legally in pa?
No. The buyer does not own the property until the seller has executed the deed to transfer title to the buyer and the deed has been recorded in the land records. The buyer has no rights in the property until they have taken title.
Where might one go to obtain a loan for the purchase of a home?
A person is able to obtain a loan for the purchase of a home from a number of sources. The number one place to go would be a realtor, who would act as the intermediary between the buyer and seller of a property.
