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ginamackey

Thank you in advance for any information that you can provide me with. As the scenario goes, I carried a couple on the purchase of my SFH in a small town in Texas. They are avoiding the payment on the 2nd. So far research tells me the following;

1) Get a RE Atty asap
2) Give them a 1099 on the whole amt
3) Forclose first before the 1st loan forcloses
4) Ask lender to inc. the 2nd into the 1st.

Any of the above sound feasible with a minimal budget to execute?

nemmar · Site Admin

Check my reply to your last post on this question.

Yes, definitely you need to get a real estate attorney ASAP to assist you. You should also consider trying to work out a lower monthly loan payment with a longer loan amortization period to the tenant/owner to see if they will respond to your calls. Perhaps they just lost their job and don't have the money to pay the second mortgage to you and that is why they are not returning your calls.

ginamackey

Thank you for your response. Too late though. Just got a copy of their Chapter 13 in the mail with me listed as a creditor. Have I lost the money?