BEWARE using Owner Financing on selling a Mobile Home

[Elaine Ericson]

Sold a mobile home on its own lot with Owner Financing for 74K. Took 10% down. 10% interest. Monthly payments $725/month. Buyer paid for about a year and a half and then stopped paying. Unbelievably she actually had my mobile home demolished! I was stunned! Attempted several payoff figures but she was a Realtor and had a bad year and therefore no money. I think my attorney gave me bad advice and we did not foreclose on which would have been best because I would have at least received a judgment on the buyer. Note: She has no assets other than a 2023 Lincoln. No home. Rents from her sister. But the judgment would have followed her regardless. Instead I was advised to have the property deeded back to me to avoid a foreclosure ordeal. Gave the lot 20K value and the balance of 30K was a Promissory Note by the Buyer. Note: The Promissory Note has no collateral attached to it. Buyer as ghosted me as I suspected she would and now I've loss 30K with no way to collect. I have no clue where she has moved to. BEWARE: DO NOT owner finance on a mobile home. I have other mobile homes which have been moved more than once and therefore will not qualify for a VA or FHA Loan so I'm doing Rent to Own alongside a Rental Lease so that I can evict instead of foreclose on. No interest paid so regular rental income. Part of rent is applied to purchase price. Once full price has been paid then and ONLY THEN I will deed the property to the Buyer. 15K down on one mobile home and 10K down on another. No maintenance as Buyer does all repairs. Term 12 years so that payment is just about the same as local renting market pricing.