Legal Question in Real Estate Law in Maine

Delinquent Mortgage Payments

I sold two pieces of propery and owner financed. The buyers are now 3+ months delinquent on the mortgage payments. What are my options and what would you advise me to do?


Asked on 11/24/07, 7:24 pm

1 Answer from Attorneys
Jerome Gamache Ainsworth Thelin & Raftice, P.A.

Re: Delinquent Mortgage Payments

The general answer is that you should not sit on your rights, and you should provide written notices and inform the borrowers that you declare the notes in default, accelerate the debts, and will foreclose.

Working out a solution is usually a good idea, but accepting partial payments will likely just prolong the situation.

A review would need to be made of the specific terms of the notes and mortgages in question to further advise as to what method of foreclosure should be followed.

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Answered on 11/26/07, 8:19 am


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