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RealEstateAnswer
RealEstateAnswer, Lawyer
Category: Real Estate Law
Satisfied Customers: 24408
Experience:  10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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I sold my house (for sale by owner) January 2012 and have

Customer Question

I sold my house (for sale by owner) January 2012 and have been cashing checks each month for $251.06 from the buyer. There's an outstanding balance of around $19600 that I'd like in cash right now for medical reasons. Is this possible without suing the buyer of my old house
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: The house is at 7032 Hunter, Raytown, MO. and I now live in Texas
JA: Have you talked to a lawyer yet?
Customer: NO
JA: Anything else you think the lawyer should know?
Customer: I can't think of anything except the buyer has been late 2-3 time in sending me my payments
Submitted: 5 months ago.
Category: Real Estate Law
Expert:  RealEstateAnswer replied 5 months ago.

Good afternoon. What is the agreement with them, in regard to what they have to pay? Was monthly payments in that amount agreed to? In addition, is there anything in the agreement that allows you to accelerate the total amount owed?

Customer: replied 5 months ago.
The agreement was $251.06 at 3.000% From 2/2012 until 01/19/2022 promising to pay the amount in full by that date, the maturity date. The Fuyer agreed to make payments of the principal before that due without penalty
Customer: replied 5 months ago.
It is written that the Note holder may require buyer to pay immediately the full amount of principal which has not been paid & all the interest that is owed on that amount. The date must be at least 30 days after the date on which the notice is delivered or mailed. The note holder's right to accelerate is limited by the subject to any statutory rights to cure afforded
Expert:  RealEstateAnswer replied 5 months ago.

Thank you. If that was the agreement, then you can not simply change it and demand payment in full. While I know you need the money right now, you can not demand that they just pay it all. What you can do, is make a proposal to them, advising that if they pay X amount, you will give them a discount of the total amount owed, since they are helping you out. The only way you can sue would be if they stopped making payments and you need to foreclose and take the home back. If they have been late, they would be given a chance to cure and get current, plus any fees but unless there was an acceleration clause, you could not just demand payment in full

Customer: replied 5 months ago.
Thank you this has been most helpful. I have more clarity of my situation, you've been most helpful.
Expert:  RealEstateAnswer replied 5 months ago.

You are welcome and best of luck. I just kindly ask that you rate my help at the top at this time, so the site will give me credit for my help

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