Legal Question in Real Estate Law in Louisiana
LA bond for deed, purchaser making late payments up to 30-40 days late, but neve
We(sellers)sold doublewide mobile home on LA Bond for Deed in 1997.The purchaser has been chronically late with mortgage payments for several years. Payments have been late as much as 30- 45 days at times, but never more than 60 days late. Once, our mortgage co.,threatened to start default proceedings against us, when purchaser was nearly 60 days late. We paid a partial payment, at that time to stop the proceedings. What can we do to stop the purchaser from ruining our credit with the mortgage co.? We contacted the escrow agent,who has sent a letter to purschaser in regards to chronic late payments. We had an attorney send a ''warning letter''. We don't want to take the home back, but our credit is being ruined, and we are being harrased by the mortgage co.,every time the purchaser is late with payment. Please help!!
1 Answer from Attorneys
Re: LA bond for deed, purchaser making late payments up to 30-40 days late, but
With a bond for deed, you are still the ONLY obligor, and as such, the mortgage company has only you to deal with. If you do not want your credit affected then you need to pay the mortgage note and collect from the buyer. If that is not satisfactory, then you will have to revoke the bond for deed. Either way, the mortgage company has only one party to deal with.....YOU!
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