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a1handy

Inherited Mortgage and Note - Can I require refinancing

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I recently inherited a mortgage and note on a home a piece of land sold and financed by my father.  The note has about 24 years left on it and I want to collect the funds now and not continue to receive a monthly payment.   I have approached the people who are paying the note and asked if they would refinance and even offered more property and a discounted price on the note.   They will not do so?  Is there any way I can force them to refinance?   The note states they have to keep insurance and cannot be late on any payments or they will be in default. They currently have the required insurance but have been late by 2-3 days on several payments.  I have looked into selling the note but the discounted price is ridiculous.  Any suggestions, please

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7 hours ago, a1handy said:

They will not do so? 

 

Despite the question mark that's not a question.

 

7 hours ago, a1handy said:

Is there any way I can force them to refinance? 

 

No. You have to accept the terms of the note as is.

7 hours ago, a1handy said:

They currently have the required insurance but have been late by 2-3 days on several payments. 

 

What does the note say about late payments? Quote the provision word for word.

 

I doubt if your state's foreclosure laws will allow you to foreclose for just a couple of days late occasionally. Better study up at:

 

https://law.justia.com/codes/south-carolina/2017/title-29/chapter-3/

 

Scroll down to Article 7.

 

7 hours ago, a1handy said:

even offered more property and a discounted price on the note.

 

You might have to sweeten the incentives.

 

Or maybe they just can't qualify for refinancing. Which could explain the note in the first place.

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On 5/28/2018 at 7:41 AM, a1handy said:

The note has about 24 years left on it and I want to collect the funds now and not continue to receive a monthly payment.   I have approached the people who are paying the note and asked if they would refinance and even offered more property and a discounted price on the note.   They will not do so?

 

Despite your use of a question mark, the last quoted sentence above is not a question.  If you intended a question, I cannot discern what you intended to ask.

 

 

On 5/28/2018 at 7:41 AM, a1handy said:

Is there any way I can force them to refinance?

 

No.

 

 

On 5/28/2018 at 7:41 AM, a1handy said:

They currently have the required insurance but have been late by 2-3 days on several payments.

 

Being a few days late might allow you to collect a late fee, at most.

 

 

On 5/28/2018 at 7:41 AM, a1handy said:

Any suggestions

 

Be happy that you'll have a steady stream of income for the next quarter century.

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