How to Collect on a Second Mortgage

Question

We sold our house 2 years ago to a couple that were about $10,000 short. We offered to carry the loan in order to make the sale go through. They were to pay us $85 a month. Since the sale of the property we have not seen a penny! We hired an attorney last year and the money we paid him accomplished nothing. What else can we do to get our money out of these people? We have learned our lesson, we will never offer up another second loan to anyone. Thanks for your help! Heather

Answer 1

You could put a lien on the home. This won't do anything until they try to sell the home or refinance their mortgage.

When that time comes, they can't do anything until the lien with you is settled.