Calling In A Note
I am owner financing some property, & the buyer is not keeping it up as agreed. He is ruining the house & destroying the land. How do I go about calling in the note? Is it complicated and expensive? He makes his payments on time so I cannot use that as an excuse. Frankly, he is very difficult to deal with, and I want to end it and just get my money. What should I do?
Before you rent the property to him did you ask for security deposit? If yes you can use this money for that purpose. If not hire property management, And they will take care of him. I don't know this is my Opinion!
Thank you for your answer, but I did not rent the house and property to him....I SOLD it to him and am owner financing the note to my regret. The property has depreciated because of his lack of care for it. I was wondering if anyone has had the same experience of calling the note (and making him pay me for it).
It will depend on your state laws. You may have to foreclose on the property to get it back. I would recommend talking to a lawyer.
Tom
it also depends on what you put in your note and mortgage in the first place. if he pays on time, I do not know how much leverage you have...
It is good advice to take it to a local attorney
Derek
What postion are you in?
You said " the buyer is not keeping it up as agreed."
Do you have that in writing? Read over your contract twice. Once from your point of view (wanting him to surrender the property) and again as if you were him trying to get out of it.
Is he making full payments on time??? Does it look like he will continue to? If he is, then I don't know why you'd want the property back. Getting it back is expensive and takes a while and that is if you can.
It is afterall his house, not yours.