I want to foreclose on property which I sold and financed myself. What do I do with a late, partial payment?

Question

A lawyer friend told me that I may deposit a partial, late payment from the buyer into my bank account, and still foreclose, if I write something on the check, but she couldn't remember exactly what I'm supposed to write. Does anyone know what the phrase is?

Answer 1

Never heard of that phrase - I think you were mislead.
Banks not HUD accept partial payments after 60 days, they return the checks. I think acceptance implies you are willing to take official "partial" payments. I would check with HUD or
the state attorneys office before depositing check.

Answer 2

Any "disclaimer" on a check may be written only by the person who issues the check, for example: B could write a check out to A with a disclaimer: Deposit/cashing of this check constitutes full settlement of all monies owed to A ..."

If you deposit the check/receive the funds, you are in essence accepting partial payment. Have Buyers re-issue the check or attach a separate document with something to the effect: Check #_______ in the amount of $_______ made payable to NAME as SELLER and LENDER of PROPERTY ADDRESS, is hereby acknowledged by MAKER as being late, partial payment of monies due and owing SELLER. MAKER forfeits avoidance of foreclosure (unless remainder amount due and owing SELLER is made in full on or before DATE).

Answer 3

if you are selling at 600. a month and they are 30 days behind, then they send you a check for 400. you cash the check with the date they are paid up to...I don't know about legal phrases, but simple math does it for me.