Can I just spout for a minute? I think I'm confewzed.
 

I just got cussed out for being "irritating". Not the first time, mind you, but totally unexpected!

We sold a house to a nice family that was renting it, with the agreement that the mortgage payment was due on the 1st of the month. Only charged them $2,000 down. They have always paid, but NEVER on the 1st!

We included a no-penalty 7 day grace period on the contract that we carry, just to be nice. But today she brings me the check (late afternoon on a Friday so it won't get posted until next Tuesday b/c of Labor Day) and tells me she noticed that I called last night (didn't answer). Well, that irritates her!

She said if I were a lending instution, that I wouldn't call until the grace period was up. And then she used the "I" word again.

Sheesh! :eek:

So, in her mind the check isn't due until the 7th. I told her in my mind it was due on the 1st. She shrugged.

And, then, just to confuse me, she handed me a long envelope by way of "thank you for letting us use the ladder" to paint the house. I told her that's what neighbors are for. She said it saved them from having to rent one. There was a $25 gift restaurant certificate inside!

I'm confewzed. Should I be mad or grateful?

This lady cussed you out? Before or after she handed you the gift certificate? :confused:

She handed me the mortgage check and gift cert. at the same time, then cussed me out.

I guess you should be thankful she brought the check and from now on don't bug her until the 8th!

gmi

Sounds like a mild cussing out to me..:D

Did you ever hear "The best deffence is a good offence" She probably had a guilty conscious.

She probably regifted the gift certificate and is definitely looking her gift horse in the mouth. Sell the loan to the bank and be done with it!

Thanks, Sal. When I have a guilty conscience, I approach someone with humility.

gmi, its hard to have an attitude of gratitude when my checking account dries up at the beginning of each month, waiting to be replenished by that check. The lender doesn't hesitate to electronically yank my money out to cover the debt.

Maybe I'll make a phone call to see if the due date can be changed. But (of course) its the 3-day weekend. Maybe next week.

Sorry so grouchy. :o

No good deed goes unpunished. :rolleyes:

Is there any way that you can adjust the due date on your payment to your bank? After this incident she'll probably wait to bring you the check on the afternoon of the 7th from now on!

Sorry to be so flippant. I understand what your problem is now. It is too bad that your contract gives her the 7 day leeway when you don't get such a grace period.

Might you be able to have the bank take your money out on the 8th instead of the 1st. Most mortgages aren't considered late until the 15th, so you might be able to get some help from the bank if you explain the problem.

gmi

Twink, I think you were too nice.:) Giving them the house for only $2,000.00 down. That is all they have invested in the house should they fail to pay their mortgage payments to you.

If you hold a mortgage on someone you really need to get a bigger down payment, but that is water under the bridge now. It also depends on the price of the home too. She does have until midight on the 7th to pay, without penalty, if you put that in her contract.

Any reason you didn't just try to sell the house, without holding the mortgage for the person/s ? Just sell it outright. Is it family or friends that live next to you now in your old house?

If not, and the interest rate you charge is large enough, maybe one of the new Fannie Mae or Freddie Mac loans will purchase the mortgage from you because it has so little as a down payment, no one else will. A bank CRA loan might buy it too. Maybe you just didn't want to get involved with all that now. If their credit is bad they got lucky with you holding the mortgage for them. :)

Btw, don't ever lend a ladder to anyone or a power tool. You are liable for it's use, even if a neighbor. If they fall or injure themselves, it's on your ladder. It makes no difference where they use it.

I would have your bank change the date of the automatic payment to a later date to be sure you have their funds cleared in the bank on time. Banks will do this for you and some mortgage companies too.

After 15 years of a medical career, I had to stop health wise, and for patient safety. I went into a combined brokerage/ banking, financial planning and real estate firm for the next 15 years.

Remember you get more with honey than lemons in conversations. But you have to be firm and not let the new homeowners have too much play. You should never be cussed out by anyone.

I wish you good luck with the neighbors. Maybe I have it wrong, I don't know the situation, in person. JMO anyway.

I had a family who rented one of my two homes, who paid on time, but trashed the place on the way out and never fixed up while living there. That house was only two years old. They had references too, fake ones. You never know what is the best situation.

I hope you don't have any more problems with these people. Good luck.:hug: