Legal Question in Real Estate Law in Kansas
i sold a 5 unit property owner financed to a llc in norten ks. they are behind in payments and taxes. what do you advise.
Asked on 1/19/10, 9:00 am
1 Answer from Attorneys
Anthony Smith
LawSmith
You may need to foreclose on the property. That is assuming you named the property as collateral for the loan. You are like any other secured creditor, and may have to accelerate teh debt payemnts for the borrower's default on payments. If you are not a secured creditor, (didn't effectively state property as collateral for loan) then you will need to sue the LLC for the past due debt. If this is more than a couple hundred dollars in debt, then you may do well to hire an attorney to pursue this debtor for you.
Good luck
Answered on 1/25/10, 10:11 am