Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Foreclosures
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 6 years ago on . Most recent reply

User Stats

45
Posts
26
Votes
Ryan Ellis
  • Investor
  • North Ridgeville, OH
26
Votes |
45
Posts

Seller financing question what to do now? Payment is overdue.

Ryan Ellis
  • Investor
  • North Ridgeville, OH
Posted
Hello BP! I did seller financing for the first time on a property I inherited. I sold the property for 18k and the borrower owes about 12k. The property is in AK and I lIve out of state. The borrower has been getting later and later with payments to the bank that manages the mortgage for me. At this point they are over 30 days late and are ghosting me when I try to reach out via text or phone call. My paperwork shows I can forclose after 30 days. My question is, where do I start? Thanks in advance for any thoughts or recomendations! -Ryan
  • Ryan Ellis
  • Most Popular Reply

    Account Closed
    • Investor
    • Princeton, TX
    1,080
    Votes |
    1,900
    Posts
    Account Closed
    • Investor
    • Princeton, TX
    Replied

    Consider finding a local buyer for the note or hire an attorney to deal with the POTENTIAL foreclosure.  I say potential because in many states this would probably not get to a foreclosure at this point. 

    Loading replies...