Contract for deed and 'buyers' always pay about a month late
Asked Jan 2, 2011, 11:50 AM
I sold my home last August with owner financing as a contract for deed. Aside from the fist payment, every payment since then has been late. They typically make the payment due on the 1st of the month around the 28th or 29th of the month. I'm not sure what to do. Per the contract we are required to give them an initial late notice stating that they have 15 days to pay and then if they don't pay we send them a pay or vacate notice giving them an additional 15 days to pay. Well they take advantage of this and wait until the very last minute to make the monthly payment, but of course by the time they make the payment for the month that is overdue it times for the next month's payment and then they don't pay and we go through the same thing over again. I'm at my wit's end and don't know what to do. Since they continuously make late payments is there anything I can do to evict them? Or am I forced to wait for payments per the required notices?