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About 10 years ago I sold the beneficial interest of a trust to a lady and her daughter. The daughter made the bulk of the payment. Three months ago they asked if I could switch it to seller financing so they could get a warranty deed then they could refinance. I paid an attorney $1500 to create the release of the beneficial interest and the documents to convert to seller financing. I included in the note that I would give them a $5,000 discount if they paid of the loan by the end of May. (incentive to get the refinance done).
The title company requested the pay off information. Since I had purchased the house subject-to the mortgage, there was a pay off for the underlying loan and a payoff to my company.
Crazy thing they paid off the underlying loan but never did pay me off.
No mortgage payment was made in June so I started foreclosure (another $1500)
No payment has been made in July.
I’ll get the house back the first Tuesday in August with NO DEBT.
When I get it back, I’ll sell it again with seller financing.
Since I don’t live in the USA I don’t want to deal with management issues. Just last week I had to replace a water heater on one property. The month before that I had to replace something on an air conditioner on a different rental property in Texas. Maybe it’s time to sell everything in Texas.
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