I carrying a loan on a mobile home, which is now in default. What is the next s
My grandmother owned a mobile home and sold it to a woman for $15,000. She carried the loan for the whole amount. The sale was done December 23, 1994. My grandmother passed away and deeded me the rights of the oustanding balance. Although my grandmother did not know it according to the loan agreement if the buyer was late on a payment the loan could be due at that point for the balance and any payment after that was interest only. The buyer made late payments starting as early as March of 95! Also they have not made a payment since July of 2000! What should I do? If I take back the property I could maybe sell it for $25-$35K when fixing it up. What is the first step and how should I proceed. I have had many different ideas such as offering the buyer $1,500 to give back the property and leave, or just evicting them.
Thank you for your wisdom.