Ask Experts Questions for FREE Help !
Ask
    mikeandkaren's Avatar
    mikeandkaren Posts: 5, Reputation: 1
    New Member
    		  
    #1

    Apr 22, 2009, 07:25 PM
    What To Do About A Delinquent Mortgage
    My husband and I live in Arizona. We sold a piece of property with a mobile home on it and are carrying a note with the buyer. The home IS legally attached to the property. The buyer still owes us $36,000 and was just arrested for embezzeling 1,000,000 from his employer. :eek:
    twinkiedooter's Avatar
    twinkiedooter Posts: 12,172, Reputation: 1054
    Uber Member
    		  
    #2

    Apr 22, 2009, 07:26 PM

    So what is your question?
    mikeandkaren's Avatar
    mikeandkaren Posts: 5, Reputation: 1
    New Member
    		  
    #3

    Apr 22, 2009, 07:47 PM
    What To Do About A Delinquent Mortgage
    My husband and I live in Arizona. We sold a piece of property with a mobile home on it and are carrying a note with the buyer. The home IS legally attached to the property. The buyer still owes us $36,000 and was just arrested for embezzeling $1,000,000 from his employer. :eek:
    He is currently delinquent in this month's payment and we expect that he probably will default, under the circumstances. Eviction is not a relevant problem... they live elsewhere.

    A. Can WE handle the legal proceedings ourselves, vs. hiring an attorney?
    B. We have a Trust Deed that was filed with the county... so what would be our next step in filing a foreclosure?

    As long as the buyer is willing to make the late payment, and continue his monthly payments as scheduled, we don't necessarily want to forclose on him. But in case the court tries to seize this property as part of a restitution order to staisfy his debt to his employer... how can we be sure the court will know that our debt needs to be satisfied FIRST?

    Thanks for your time!
    saleem arshad's Avatar
    saleem arshad Posts: 1, Reputation: 1
    New Member
    		  
    #4

    Apr 22, 2009, 08:38 PM

    We can handle legaly
    mikeandkaren's Avatar
    mikeandkaren Posts: 5, Reputation: 1
    New Member
    		  
    #5

    Apr 22, 2009, 10:28 PM

    Thanks for the offer... but the question was about doing it OURSELVES.
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #6

    Apr 23, 2009, 06:27 AM

    Hello mike:

    I'd be doing a little reposessing, if I was you.

    excon
    mikeandkaren's Avatar
    mikeandkaren Posts: 5, Reputation: 1
    New Member
    		  
    #7

    Apr 23, 2009, 01:12 PM

    Thanks for answering! I', new here so somehow I hit submit before I got the question finished... and then couldn't figure out how to delete the incomplete one. Anyhow... to read it all please look for the one called "What To Do About A Delinquent Mortgage" posted by mikeandkaren yesterday, 4/22/09.

    Thanks for your time!
    Curlyben's Avatar
    Curlyben Posts: 18,514, Reputation: 1860
    BossMan
    		  
    #8

    Apr 23, 2009, 01:15 PM
    >Threads Merged<
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
    Expert
    		  
    #9

    Apr 23, 2009, 01:18 PM
    Quote Originally Posted by mikeandkaren View Post
    ... He is currently delinquent in this month's payment and we expect that he probably will default, under the circumstances. ...
    If he is delinquent he is in default, no?

    Is the trustee under the trust deed a title company? The first thing you need to do is talk to the title company. They will probably insist that you get an attorney.
    mikeandkaren's Avatar
    mikeandkaren Posts: 5, Reputation: 1
    New Member
    		  
    #10

    Apr 23, 2009, 01:34 PM

    Thanks, AK Lawyer! I just decided to heck with trying to do it ourself. There's a lot of $$ at stake... so I'm going to call the title company as you suggest, and hopefully they can refer me to a good lawyer that isn't too expensive.
    Karen
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Learning about delinquent landlords [ 1 Answers ]

I'm looking at a condo to rent that "sounds to good to be true". Their looking to rent cheap to cover mortgage, and will rent to own, but acknowledge the mortgage is already 65 days delinquent. What precautions would I need to take if I pursue this?

Delinquent Tax sale under homestad act. [ 2 Answers ]

If property is taxed under the homestead act which means land and mobile home taxed as one and not separate. Then the property is sold for delinquent taxes would this include both land and mobile home. Property is In Georgia. Thanks for any help.

Timeshare delinquent [ 2 Answers ]

My husband and I purchased a small timeshare in 10/2001 for $4000.00 and ran into some major financial problems after that. We were unable to pay and tried to sell it back as we were told we could do. They told us we could not sell it back at that time. It was turned over to a collection agency in...

Delinquent real property tax [ 2 Answers ]

I am trying to find out when a county can sell property under foreclosure for unpaid property tax (on land and house)? It is Mercer County in West Virginia specifically.

Delinquent Homeowner Dues [ 2 Answers ]

I was recently elected as the Board Secretary/Treasurer for our Condominium Association and inherited the issue of HOA Dues delinquency. We have an owner who is always late on his HOA dues. He owes about 5 months worth of HOA dues. Besides filing a lien against his property, what is the best...

View more questions Search