Next steps when buyer defaults on land contract carried by seller

4 Replies

Hello All,

I’m looking for advice on what your next steps would be when a buyer stops paying?

This is on a land sale contract with owner carry through a note servicing company. No home on property.

We have already sent out a late notice.

Has anyone gone through with foreclosing on land recently?

Thanks.

Good afternoon.

A late notice simply means that they are late.
What do the terms of the notes say in terms of proceeding with a default, and how to declare a default?
Practically speaking,  these are 2 separate and distinct actions that most likely have to be undertaken.

Much success
Bob 

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Originally posted by @Bryan Compton :

Hello All,

I’m looking for advice on what your next steps would be when a buyer stops paying?

This is on a land sale contract with owner carry through a note servicing company. No home on property.

We have already sent out a late notice.

Has anyone gone through with foreclosing on land recently?

Thanks.

Depending on the state, you might be able to obtain a forfeiture versus having to go through the entire foreclosure process. I highly suggest reaching out to a creditors rights attorney to guide you through this.