Our preferred deal is with lease and options. However, one park (55+) insisted that we have a note, which we did.
The woman who bought this unit is now defaulting. She has not paid us for two payments and has stated that she does not intend to make any more. The park has started eviction proceedings. They told me they normally put a lien on the home after eviction. Of course, we already have a lien. They also want her out of their park because of other issues. She told someone she would stay in the home until the court threw her out, so getting her to sign over the title to us is NOT an option.
After contacting several attorneys, we finally were referred to one that actually handles this type of thing. He told me it was not cost effective for us to pursue this, since it starts at a retainer of $2,500. The note has a current balance of $4,600.
How do we proceed? I have already talked with the PM and told him we want to work with them. I am sure they do not want this home, so it would not be productive for them to buy our interest. (I assume it works the same as a 1st and 2nd mortgage on a home.) We don’t really want to just walk away, especially since this is owned in our IRA Trust.
Does anyone know where we stand in all this? Suggestions are welcomed. Tye has suggested that I take brownies and have a sit-down with the woman, which would have been a good idea if the PM had not now told me they prefer to not have her as a tenant any longer! The corporate offices for this park are in Chicago, so this is a big company.
She does not care if she gets evicted by the park because she is also filing bankruptcy.