Posted on: 15th Aug, 2011 11:12 am
Do I have to foreclose on the people? Is forfelture something I can do?
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[size=9:75aaa4ef2e][color=Red:75aaa4ef2e][Email address deleted as per forum rules. Thanks.][/color:75aaa4ef2e][/size:75aaa4ef2e]
Hi Lynn,
As your borrowers are in default, you have the rights to foreclose the property. Nevertheless, you should check out your loan agreement that you have signed with them in order to find out what you've mentioned in it. Apart from that, you can contact an attorney and take his opinion in dealing with the matter.
Thanks
As your borrowers are in default, you have the rights to foreclose the property. Nevertheless, you should check out your loan agreement that you have signed with them in order to find out what you've mentioned in it. Apart from that, you can contact an attorney and take his opinion in dealing with the matter.
Thanks