You owned real estate, sold it with a seller note (15 year amort). 5 years in. The purchaser missed 3 payments due to COVID. Wants to restart. What are your / my options?
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If no reputational downside and it doesn’t bother you, you might be able to foreclose on it. Any other liens on the property? You prob don’t know. If there are you might need to auction it off after seizing it. Iirc you want to act before buyer declares bankruptcy.
Bankruptcy will make the process slow and More expensive. Why ain’t you asking Will?
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Yep! Foreclosure seems an option. Also total pain in the butt as you mention. I am :-)
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If you get the property it’s totally worth it. Presumably seller note was not huge % so you’ll do fine.
End of conversation
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