Buyer bought my empty lot owner finance, missed first payment
Situation is, buyer wanted to owner finance. Drug his feet on getting together the $12k down payment but eventually came through. 1 month later has missed the first payment. 99% sure I'll have to foreclose on him. Why would someone even attempt to buy if someone doesn't have the money? Strange to throw $12k just to lose it a few months later. How difficult a process is foreclosing on an empty lot? I am first lien and have all the correct paperwork filed with the state.
#2 Foreclosures Contributor
- Paradise, CA
Any contact efforts to him to answer your own question? It would defy logic to first pay default. In my world it usually means one of two things, fraud or error. Fraud would probably not be the case so, i'd lean on error. Was his promissory note clear about the first payment? Does he think he mailed it?
you can probably get a lot of information trying to reach out and if still no contact, do what you have to do.