How do I, as a lender, report a borrower’s default on a loan to a credit agency for a second Mortgage note?
I sold my home, and the purchaser was not able to come up with the full asking price, so we gave the purchaser a second mortgage note on the property for the balance. The note has now matured and the purchaser has not paid the principal due. Also the purchaser is trying to sell the property.
They are on a contract for deed on the 2nd. So they have every right to try to sell.
Quit bothering trying to report it to the credit bureau. There is zero benefit to doing this, and would prevent them from being able to refinance to pay you off.
Make sure your 2nd note is recorded at the county, so they can’t sell the property without paying you off. And if there was a balloon, and they are in default, you may need to consult a real estate attorney about initiating foreclosure proceedings, or filing a lawsuit.
mortgage notes
|
|
ron legrand, paper power, notes, mortgage, short sale $79.00 |
|
|
VINTAGE Antique 1872 CASSOPOLIS MI MICH MICHIGAN Mortgage Note Receipt Paper $12.99 |
|
|
Tax Lien – Real Estate Mortgage Note Investing Course – No Reserve $9.95 |
|
|
SARAWAK 1931 PROMISSORY NOTE & MORTGAGE+SERCH FORM 2 IN 1 CV BROOKE $10 REVENUE $120.00 |
|
|
SARAWAK 1931 PROMISSORY NOTE & MORTGAGE+SERCH FORM 2 IN 1 CV BROOKE $4 REVENUE $80.00 |
|
|
Mortgage-Free! $21.95 Mortgage-Free! |
|
|
Securing a Mortgage $7.47 Securing a Mortgage |
|
|
The Mortgage Millionaire $29.5 The Mortgage Millionaire |
|
|
Trust Mortgage $11.78 Trust Mortgage |
|
|
Mortgage Matters $13.95 Mortgage Matters |
Tags: finance · money · mortgage · mortgage notes buyers · mortgage notes for sale · mortgage notes for sale craigslist · mortgage notes forms · mortgage notes payable · notes, · realestateNo Comments
0 responses so far ↓
There are no comments yet...Kick things off by filling out the form below.