Legal Question in Real Estate Law in Georgia
New Owner behind in payments
We sold our home last year and agreed to receive 50% of the proceeds. The purchasers agreed to monthly payments & a 5 yr balloon-type note for the balance. However, they quit paying the monthly installment after 7 months.
Further, we are only listed as 2nd mortgagee. Is there anything we can legally do to make them keep their end of the deal? (actually the new owner is a business corp, which is not doing well, and has not been paying any of their creditors)
1 Answer from Attorneys
Re: New Owner behind in payments
Your information is a little unclear, but it sounds like you may have at least one option. Inquiries, such as yours are more efficiently handled during an attorney-client meeting. Please call me in the event that you wish to arrange one.
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