Posted on: 05th Dec, 2009 12:01 pm
I own the promissory note for a house and the buyer is over a year past due with property taxes, is now 45 days behind with his payment, and today I discovered he's moved out! (I inherited this mess x8, just FYI.) After I manage to foreclose on him, can I sell it at an escalated price with a low (2%) interest rate? Is that kosher? I own 7 other notes with 8-9% interest rates, and taxes are killing me. Not to mention I'm sick of babysitting these deadbeats. I'm thinking of selling it to We Buy Ugly Houses.
Hi melbay!
Welcome to forums!
You will have to check out the value of the property when you plan to sell it off at a foreclosure auction. You cannot simply escalate the prices. As far as interest rates are concerned, I think you would be able to charge low interest rates.
Sussane
Welcome to forums!
You will have to check out the value of the property when you plan to sell it off at a foreclosure auction. You cannot simply escalate the prices. As far as interest rates are concerned, I think you would be able to charge low interest rates.
Sussane