Owners finance deal gone bad! Need advice

[Brandan Orcutt]

I have an owner financed deal that has gone really bad. I am to the point of the foreclosure sale happening in two weeks on April 5th but the buyer has come up with a bunch of cash, $12k and he owes me about $13k more after that, $25k total. He says if I agree to a loan modification he will pay $500 extra on top of his monthly pyment each month to catch it up until its current.

This all started back when he was laid off from his job and now supposedly he found another job and starts at the end of the month but he has not given any proof of future employment, offer letter etc.

He has been extremely hard to deal with and I don't know if I trust him at all but I don't want to give up and pass up making money and get the money back that he owes me. The 12k will just about catch up my legal and other costs and set the note back to making money.

I have been in this deal for two years and have not made a dime because of my legal expenses and covering my mortgage, it's an owner financed wrap mortgage.

To sum it up this is how it all has transpired:

-rented it to him for 10 months, he was late paying 8 of them(red flag, I should have stopped there, gave every excuse in the book, I'm an idiot I know)

-owner financed it to him, no money down (big mistake, I'm an idiot again I know)

-he never made the first payment and after I sent the foreclosure notice he filed Ch13, 5 months into the ch13 his payments started coming through 

-9 months into the ch13 he was laid off of his job

-6 more months later we got the case dismissed and set up the foreclosure auction for next month, April 5th.

Please don't beat on me about this, I know I messed up on many parts of this. I have learned a lot from this, a lot. I'm almost to the point of giving up on real estate but I know I will get over this situation.

I just need help with going forward.

Can anyone help and give me some advice please?

Thanks,

Brandan