Goodeedpunished
New Member
I am the Lender AND a registered co-owner with a Tenant in Common ("and," not "or") who for years has struggled with finances. I have never occupied the coach, while he has had 100% use and enjoyment of it from Day 1.
He has no job, no income and has sold off all items of value to make ends meet each month. While he has stayed current with me on his Promissory Note/Security agreement, he has been consistently late with his space rent to the park. So, they've issued him two 3/60 Day Notices to pay or quit. The last time, he failed to cure the rent default, so I was allowed to pay it on my own behalf as Lender and will continue to do so to protect my interest in the unit's value, which at this time outstrips the debt by almost $30K.
The park says his right to occupy a residence in the park has been revoked. They will not take any further payments from him.
I am working with the park management, but they tell me he HAS to vacate in 60 days or sell the coach to a qualified buyer. I could be that buyer, but he has rejected two very generous offers from me to buy out his interest, and a third listing offer to do a traditional sale. I am trying to make sure he leaves with some money in his pocket, but my feeling is he plans to squat. The park said it could cost up to $5K for them to evict him, and I would be responsible for that cost if I want to keep the coach. Which of course, I do.
Under new lending laws, he needs to be five MONTHS in arrears to me before I can repossess the manufactured home, by which time the park will have already done their eviction. The best legal action I could take quickly would be to sue him personally for breach of contract and/or fraud, but that could get expensive -- much more than the eviction/unlawful detainer.
Any ideas about how to preserve my rather large investment in what has turned out to be a very poor credit risk? In case you were wondering, we once were old friends -- no longer. We were never in any kind of romantic or business relationship.
He has no job, no income and has sold off all items of value to make ends meet each month. While he has stayed current with me on his Promissory Note/Security agreement, he has been consistently late with his space rent to the park. So, they've issued him two 3/60 Day Notices to pay or quit. The last time, he failed to cure the rent default, so I was allowed to pay it on my own behalf as Lender and will continue to do so to protect my interest in the unit's value, which at this time outstrips the debt by almost $30K.
The park says his right to occupy a residence in the park has been revoked. They will not take any further payments from him.
I am working with the park management, but they tell me he HAS to vacate in 60 days or sell the coach to a qualified buyer. I could be that buyer, but he has rejected two very generous offers from me to buy out his interest, and a third listing offer to do a traditional sale. I am trying to make sure he leaves with some money in his pocket, but my feeling is he plans to squat. The park said it could cost up to $5K for them to evict him, and I would be responsible for that cost if I want to keep the coach. Which of course, I do.
Under new lending laws, he needs to be five MONTHS in arrears to me before I can repossess the manufactured home, by which time the park will have already done their eviction. The best legal action I could take quickly would be to sue him personally for breach of contract and/or fraud, but that could get expensive -- much more than the eviction/unlawful detainer.
Any ideas about how to preserve my rather large investment in what has turned out to be a very poor credit risk? In case you were wondering, we once were old friends -- no longer. We were never in any kind of romantic or business relationship.
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