I Have recently found out that in my state all you have to do is file for non payment and the person has only seven days to either pay up or get out after they are served. I have a lease with option deal so therfore it is a different situation then what you have but research your legal rights by asking and talking to the clerk of your local court you would be surprised at what kind of results you can achieve. Hehehe I got three months of payments in advanced after I filed on my people. I guess they woke up and smelled the coffee.
When I was managing a moble home park I bought and sold one mobile trying to select the right kind of person for the park. Did the Lonnie buy according to the book. Set up a note for 10 percent. Only thing is I did not know I aquired the buyers from hell, maybe not that bad they have paid half the loan.
They did not pay on the loan until November paid up from last July to November, I waved the late fees, (my mistake). Now they are behind 2 months going on three.
They are arguing that I need to transfer my title to them and so they can get insurance? They threaten to call HUD if I do not transfer the title.
Well I called HUD and a transfer will cost them $400 which means they will not pay me?
I am tempted to sign over the moble and walk away?
In California trying to collect seems to have no teeth.
Any advice would be appriciated.
Posted by Chuck-NY on January 17, 2003 at 12:57:14:
Tony is 100% correct…I could not have worded it better. Learning the eviction laws was the hardest thing for me to do AND YET…it made the biggest impact for my business growth AND it got rid of A LOT OF STRESS !!!
Reread what Tony said and then reread it again until you get the picture. Who’s at the bottom of the leash,
you or your tenant?
Posted by Tony-VA on January 17, 2003 at 10:45:13:
Lee,
I am sorry to learn that you had so many problems with this one deal but your posts hints at the error.
You wrote, “Did the Lonnie buy according to the book.”
You may have bought the home according to the book but you Certainly did not Sell it according to the book. You eliminated all the systems set in place to protect you.
Waiting so long for back payments instead of starting immediate legal action taught your tenants that they could get away with it. Waiving late fees reinforced this thinking. Letting them fall another two months behind is simply an indication that they have no intention of paying you.
Now they want the title?
Return to the book and start this thing over. File whatever legal papers you need to get them out of the home based upon the default on the note.
Let them threaten to call whomever they want. Just get this problem solved now.
If they come to their senses and actually pay up (which I doubt, and in this case hope they do not, so that you can start anew), then do the SALE according to the book.
I would strongly suggest you simply repossess the home through the courts and start over. Consider what you have received so far as a bit of profit and a lesson learned. Then sell the home again.
Follow through is vitally important. If you do not train your buyer, they WILL train you. What they are doing is Not acceptable. Let the court prove this and move on to the next tenant and apply what you have learned.
Typically the reason that investors fall into this problem is simply a matter of not being familiar with the local court system. Now is your education lesson. Head to the courthouse and get started asking questions. You may even need a lawyer to walk you through this first one but from then on you can do it yourself. You will have to pay him/her (once) but you get to keep the education forever. The attorney is simply a cost of doing business and a means of setting up your business system. Once you have that in place, life is much simpler. The confidence of knowing how to act will be reflected in your dealings with future problems.