Posted by JHyre in Ohio on August 10, 2002 at 06:40:06:
Depends on state law and the judge. By and large, I’d say, no, the right to collect payments or foreclose hasn’t been waived, particularly if the note has a no-waiver clause.
Partial payments on under-performing note - Posted by KeithK2
Posted by KeithK2 on August 09, 2002 at 18:31:17:
Got an email from a note holder who wants to sell me the note on the property. Payment history is terrible. There were no payments made during all of year 1999, about half a dozen partial payments in 2000, more in 2001. He’s motivated to almost give me the note but I’ll only do it if we can foreclose on the property and get a new buyer into the proerty who could possibly cash us out or perform on the note we’ll take.
Has the current note holder torpedoed his chance to foreclose by accepting the partial payments? Could we acquire the note and foreclose if full payments aren’t made?
There are also accrued late fees due which have not been paid. What options, if any would we have if we acquired this note. Property is located in PA.
Thanks
KeithK2
Re: Partial payments on under-performing note - Posted by Don L
Posted by Don L on August 13, 2002 at 09:36:34:
Don’t forget the main reson you are questioning the purchase of this note…the payor. I would have detailed discussions with the payor to determine the cause of poor payments and leave the conversation with the notion of foreclouser. You may be able to take over the property eaiser than you think. But atleast you will get some info from the horses mouth.