Bob and I have been in agony for months with our building in Kennewick. We hold the note and the woman who purchased the building from us was making late payments every month. At one point, she had fallen behind two months. Every month there is a late fee slapped on but she would just pay this. It also cost us $175.00 every month to have the lawyer send her a threatening letter, which she ignored. We found out that she hadn't paid her taxes for 2008 or 2009 and had no insurance on the building. That did it. We moved forward with forfeiture which is a slight legal twist on foreclosure. It costs a ton in legal fees and takes so much time - filing in court, posting notices, informing people. Yesterday Terri, the purchaser, showed up in the lawyers office with all the money to pay up! We breathed a sigh of relief because taking back the building would have meant too much work for either Bob or I at this stage of life...him living in Beijing and me in Fallbrook would mean one of both of us would have had to be away from home for months.
Meanwhile, we found out the building has actually appreciated in value..obviously since Terri wants to keep it. We had three inquiries from very solvent individuals about selling it to them if the forfeiture went through. That is good news in this economy.