Sold MH On Contract- Buyer Not Paying - What Now?
I sold a mobile home using a lease option. She leased the trailer from me for two years...never missing a payment. We transferred title last May and I remained on the title as lein holder. She has been current until now...missing her August mortgage payment.
I have tried to call her without any luck. I wrote her a letter (not certified). I have left messages on her answering machine. She does not respond back to me. Friday, I called her work and was informed that she no longer works there. I called the park where the MH is located and only got an answering machine. I would like to find out if the lot payment is current or not.
The September mortgage is due in just a couple of days. I am not sure if I need to wait to repossess the home until she is 90 days behind in payment or if I can start immediately? Any suggestions?
Also, what are the proper steps to take when you repo a trailer? How long does it take? The MH is in WA state.
Anyone know the proper steps I need to follow through in order to reposses this mobile home (in a park)?
I know that she needs formal written notice. How many days do I need to give her to get paid up? I plan to send her a certified letter.
Someone out there mustv'e gone through this before. The MH is in WA state. Please reply... :-(
First, don't get discouraged. Often these situations leave you in a better position when you are done.
Second, Hire an attorney who specializes in RE Foreclosures in WA state. If you don't know one, check the REIAs in the area.