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Question
I sold on a promissory note a single wide trailer on its own property in Pueblo West. She put $7500 and on a promissory note pays $273.45 a month for the next 6 years. IF she doesn't pay what are my options? Thank you
Hi Charlene,
The legal answer is.... whatever is written in the promissory note or the deed of trust as consequences of nonpayment. All of the notes I own, I have specific language that allows me to foreclose on the property in instances of nonpayment.
Without specific, default language on a document (in this case promissory note) that bears the buyer signature, you may be stuck.
Good luck!
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Jay Denit
Expertise
I'm a Real Estate Broker/Loan Consultant in the state of Colorado. We have a separate foreclosure investing company, so I'm more than willing to answer any Colorado foreclosure questions for both the home owner and investor. I have sold bank owned homes all across the country for all of the big banks. I'd be happy to answer any questions about buying or selling residential homes and specialize in luxury estates. Furthermore, I have some experience in land acquisition and development and know a touch about water rights. We are a licensed lender in most states, so I can answer general questions about all types of mortgages.
Experience
My experience is really anything that has to do with real estate. From buying and selling to investing and foreclosure, I’ve done it all. Being able to handle the acquisition and financing under one roof gives me the intimate knowledge of all facets of property conveyance. My foreclosure/bank owned property (REO) experience gives me the problem solving mindset to always find a solution.
Organizations
BARA- Boulder Association of Realtors
NAR- National Association of Realtors
CAR- Colorado Association of Realtors
Education/Credentials
Xavier University-- BSBA Finance
Colorado State University-- Professional Certificate in Project Management
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