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Dealing with Delinquent Borrowers

bulletSend the borrower a notice of default. Depending on the terms of your mortgage you may need to give the borrower a length of time to pay and you may need to use specific language.
Sample default notice
bulletIf this does not get you paid, send the file to your attorney. He will need at least :
bulletthe original of the mortgage, 
bulletthe note, 
bulletany assignment of rent addendum, 
bulletthe total amount to pay-off the mortgage, 
bulletyour default letter
bullet and it would be helpful if you could give him a copy of the last title search or title insurance you have. 
bulletPlus a check for his fees. 
bulletA mortgage foreclosure should cost about $1,000 plus court costs. (Obviously this varies. Some attorneys do them all the time and have the forms on their computers, other don't. HINT. Go to the court house and look up some recent foreclosure files. See which firm(s) are doing foreclosures for your local banks.
bulletClick here for special legal notes that may apply to second mortgages.
bullet Click here to download a Microsoft ® Excel spreadsheet to calculate the profit or loss you can expect to make on the foreclosure. See our downloads page for a full explanation.

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[Collecting mortgage payments. Your options] [Print payment coupons] [Collecting mortgage payments. Statements] [Collecting mortgage payments. The minimum.] [Collecting mortgage payments. When to do nothing.] [tax returns] [If not paid. Start out right.] [If not paid. This is not a charity.] [If not paid. What your attorney needs.] [If not paid. Foreclosure law] [Mortgage Foreclosure Law second mortgages] [If not paid. The legal steps.] [If not paid. Sample documents.] [Calculate foreclosure losses] [Non-Judicial Foreclosures] [Calculating a mortgage payoff]

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