I am carrying the first mortgage on a piece of property, person not pay need remedy, how much time, what do?
Answer:
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Contact an attorney for advice specific to your location and situation.
FORECLOSE AFTER 31 DAYS AND GET A LAWYER TO WHACK HIM WITH LATE FEES , DEFAULT ON CONTRACT , AND MALFESANCE
Send letter of default and file complaint with court for foreclosure.
You'll need to contact a \Real Estate attorney to review the contract you and the other party setup. It is all going to depend on your specific situation. Good luck, I hope it all turns out well.
Send demand, failure to pay after demand causes you to get an attorney and file foreclosure proceedings against them. Let the scales swing.
You are going to need an attorney at best. I would hope you allowed for the payment of attorneys fees when you issued the note. Is this the person's first missed payment or is it chronic? Most lenders wait 2 to 3 months before filing formal proceedings.
There are non judicial foreclosure options as well. In lieu of deed is the most common. The person just returns the property thus avoiding all of the negative aspects of a judicial sale. It is not necessarily a bad thing. I have taken back several properties sometimes more than once and have always made more money on subsequent sales.
If the person is interested in selling, you could forego your payments until the sale in exchange for an additional fee or % of the sale's price. Take a lemon and make lemonade!!
different mortgage solutions exists, I have outlined some below
I would also suggest you read : http://umgarticles.atspace.com/mortgage..
Pension Plan
Using a pension plan to accumulate the balance of your mortgage is a tax free saving scheme. The balance of your
house will be saved over a period of time until you can pay your final balance. If you do intend to use a pension
fund to save for the balance of your house, consideration should be taken into account to open another pension
fund for retirement purposes too.
ISA Plan
With an ISA plan you invest in stocks and shares via an Individual Savings Account (ISA) - which is a tax-free
method of saving. This method of saving may not be suitable for most borrowers. Before considering this option you
should consult with an independent financial adviser.
Endowment
An endowment is still the most common type of interest only mortgage which also provides life assurance cover and
a fixed payment for investment. The endowment policy along with the interest only mortgage should in effect end
at the same time, leaving you with the ownership of your home and nothing to pay. Endowments have undergone
much criticism; this is due to investors being promised high returns from their investments. However lately this has
not been the case, borrowers have found their investments have been as good as expected and a shortfall in the
end amount of invested cash will not match the amount owed on the current property.
Taking into account the recent problems that have arisen regarding endowment policies it is worth remembering
that returns on endowment policies have been pretty good, however you do need to see the term out in full. Also
endowments do provide life assurance as part of the actual policy, so in the unfortunate event of a death the
mortgage balance is paid in full.
Advantages of an interest only mortgage
• Your investments and savings could accumulate more than the required amount to cover the final payment; this
could leave you more cash for your own personal use.
• Some plans have good tax benefits and help reach the required amount it a quicker and cheaper rate.
Disadvantages of an interest only mortgage
• In the unfortunate event of your investments not acquiring the designated amount of cash to cover the loan
repayment, the investor could face a shortfall which they will then need to pay. If you are worried about a shortfall
on your investment, you should keep in touch with your investor and request regular updates on the situation of
your endowment. If the worst comes to the worst, you can increase payments to compensate for the loss of
investment.
• Cashing in your endowment, ISA or pension could have adverse effects on the amount of money you have saved
over the past however many years. If you do decide to cash in any existing policies you may be subjected to a
penalty, this could be a cash amount specified by the investment company/lender. Please seek professional advice
if you are worried about the end results of your finances, don’t be too hasty as most policies accumulate more of
the cash in the final year
for a complete informational package I suggest you visit one of the many mortgage informational sites the best free
one in my opinion is :
also read http://umgarticles.atspace.com/mortgage..
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