How do I, as a lender, report a borrower's non-attendance on a loan to a credit agency for a second Mortgage facts?
I sold my home, and the purchaser was not able to come up next to the full asking price, so we gave the purchaser a second mortgage note on the property for the harmonize. The note has very soon matured and the purchaser has not paid the principal due. Also the purchaser is trying to flog the property.
Answers:
They are on a contract for deed on the 2nd. So they have every right to try to deal in.
Quit bothering trying to report it to the credit bureau. There is zero benefit to doing this, and would prevent them from being competent to refinance to pay you off.
Make sure your 2nd file is recorded at the county, so they can't sell the property minus paying you off. And if there be a balloon, and they are in default, you may call for to consult a real estate attorney about initiating foreclosure proceedings, or file a lawsuit. Source(s): 10 years in mortgage banking
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Answers:
They are on a contract for deed on the 2nd. So they have every right to try to deal in.
Quit bothering trying to report it to the credit bureau. There is zero benefit to doing this, and would prevent them from being competent to refinance to pay you off.
Make sure your 2nd file is recorded at the county, so they can't sell the property minus paying you off. And if there be a balloon, and they are in default, you may call for to consult a real estate attorney about initiating foreclosure proceedings, or file a lawsuit. Source(s): 10 years in mortgage banking
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