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| *Loan,banking and credit>>>mortgage loan |
How do I, as a lender, report a borrower's default on a loan to a credit agency for a second Mortgage note? |
I sold my home, and the purchaser was not able to come up with the full asking price, so we gave the purchaser a second mortgage note on the property for the balance. The note has now matured and the purchaser has not paid the principal due. Also the purchaser is trying to sell the property. They are on a contract for deed on the 2nd. So they have every right to try to sell. Quit bothering trying to report it to the credit bureau. There is zero benefit to doing this, and would prevent them from being able to refinance to pay you off. Make sure your 2nd note is recorded at the county, so they can't sell the property without paying you off. And if there was a balloon, and they are in default, you may need to consult a real estate attorney about initiating foreclosure proceedings, or filing a lawsuit. Source(s): 10 years in mortgage banking |
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