What is the name of your state?What is the name of your state? Alaska
Three years ago I sold my home and financed the buyer. An escrow account handles the payments so I haven't payed closed attention to payment records as I trusted the bank to notify me if there were any problems with the account. In reviewing the account recently I discovered that the buyer has been making payments sporadically and the payments have not always been in the full amount of what she is to pay. When I spoke to the bank I found that the buyer's sporadic payments have caused the account to become 6 months deliquent. The bank did not notify the buyer or myself of this deliquency.
Since I am financing the buyer in addition to living 3,000 miles away from where the home I sold is located, I don't know what to do. I did sent the buyer a Notice of Default informing her of the deliquent amount and that she has 30 days to pay that amount or I will begin foreclosure action. What should I do next?
Thank you for your help.
Three years ago I sold my home and financed the buyer. An escrow account handles the payments so I haven't payed closed attention to payment records as I trusted the bank to notify me if there were any problems with the account. In reviewing the account recently I discovered that the buyer has been making payments sporadically and the payments have not always been in the full amount of what she is to pay. When I spoke to the bank I found that the buyer's sporadic payments have caused the account to become 6 months deliquent. The bank did not notify the buyer or myself of this deliquency.
Since I am financing the buyer in addition to living 3,000 miles away from where the home I sold is located, I don't know what to do. I did sent the buyer a Notice of Default informing her of the deliquent amount and that she has 30 days to pay that amount or I will begin foreclosure action. What should I do next?
Thank you for your help.