Quote:
Originally Posted by will76
Ok details needed.
So you bought the land and financed it with the bank, and then did a rent to own deal with him where he was buying it from you?
Did he give you a down payment? Is that where the 15K is coming from ? The contract said he paid "xxxx" amount each month and after "xxx" months he owned it? You collected the money from him, paid the bank each month and I assume made a little profit on the deal?
He didn't pay you for 5 months so he lost what he had invested ?
Did you ultimately lose the land to the bank?
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i put a $30,000 downpayment on a $100,000 piece of land.
Jman put no money down. just rent to own monthly payments for 49K of it - I owned 51K of it. he paid in about 16K ish over the time we owned it before I went bankrupt
i paid all legal bills to set up the agreement and paid all taxes too.
he missed 5 months of payments - read above for the rest
bank took back the land but was willing to consider letting Jman take it over....
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