Foreclosure in Palm Desert>Question Details

Lee Carpenter, Home Seller in 92260

I hold paper on a house I sold. This house has a 5 yr. pre payment penalty. The buyer is in the last year and

Asked by Lee Carpenter, 92260 Sat Aug 30, 2008

trying to make additional payments on principal, without my permission. I returned her large check, and now she is 20 days late on her August payment. How soon should I send a Notice of default? She has made two large payments against principal and I have been told I can now assess her the 5% prepayment penalty when she does go to pay off the house, or deny her Title.

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Yes consult an attorney, however , you may want to modify the loan and take the payments after all in this era of default loans and foreclsoures you could end up with no money and your house back.
0 votes Thank Flag Link Sun Aug 31, 2008
I agree, talk to an attorney. There is an very good and most reasonable real estate attorney in Palm Desert. Contact me if you want his name and number.
0 votes Thank Flag Link Sat Aug 30, 2008
Bill, is correct stick to the terms of the contract. THEIR argument could be why did not split the payment apply according to the contract. http://www.lynn911.com http://www.homes-for-sale-dallas.com
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Sat Aug 30, 2008
Lee,

Our recommendation is to consult an attorney on this one. A simple legal letter from an attorney, reminding her of her contractual obligation may be enough of a wake up call.

Good luck,
The "Eckler Team"
0 votes Thank Flag Link Sat Aug 30, 2008
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