Owner Finance Questions

[John N.]

Hi All,  I own a number of rural properties of varies sizes and one of them is a very undesirable postage stamp size lot.  I really never expected to sell this lot.  It was part of a bulk purchase and the seller insisted I take it along with the others.  He didn't want it either. 

My agent brought me an owner finance offer for the lot.  I have ZERO experience with owner financing and as predicted the purchaser has made 2 payments in 8 months.  I'm almost tempted to let it go just to be rid of the tax liability but the principal of it bothers me,  Reading the mortgage it looks as if all I can do is get a judgment and bring the entire amount due. The buyer isn't paying me the $60.00 per month I'm positive he isn't going to bring me $4,000 because I get a judgemetn  There is nothing written in there that I can see about foreclosing and regaining ownership of the property.  

The lot is probably 50x100, it has an old concrete house foundation on it, it's overgrown with large trees, it's 40 miles from town and in a bad location.  I don't want it but I sure don't want to be taken advantage of.  Thoughts?