Posted on: 21st Mar, 2010 09:37 am
A single woman Age 62 on SSD borrowed $28,000 from me secured by a 0% interest collateralized 23 year note against her single family home. The agreement was that she would repay $100/mo. She has not paid for many years. She is still alive and living in the home. How do I go about getting my money, now MY family needs it.
Welcome wb2eqe,
As you have an agreement with that woman regarding the loan and as the property has been used as a collateral, you would be able to foreclose it if she is not paying the dues on time. You can serve her with a pre-foreclosure notice and then foreclose the property.
As you have an agreement with that woman regarding the loan and as the property has been used as a collateral, you would be able to foreclose it if she is not paying the dues on time. You can serve her with a pre-foreclosure notice and then foreclose the property.