Re: fees if I've sold the paper?

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Posted by Tony Colella on October 30, 2009 at 15:17:02:

In Reply to: Can I collect late fees if I've sold the paper? posted by Rich on October 30, 2009 at 12:31:48:

I'm not a lawyer so I could easily be wrong but here is how I would view this on the street level.

You sell your paper, transfering your interest in the collateral (via title lien) so you really no longer have any teeth in your demand for payment of the late fees. What recourse do you have if they don't pay? Asking louder or more often is about all you are left with I guess.

If you are selling the paper I suppose you have disclosed this payment history to the note buyer who will have to handle future late payments but I don't see how you could go after past due late fees.

Tony

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