What happens if I stop making my monthly payments on vacant land that I am purchasing through “owner- financing”?

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What happens if I stop making my monthly payments on vacant land that I am purchasing through “owner- financing”?

Asked on January 9, 2013 under Real Estate Law, Arizona

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Assuming that there is a security agreement with respect to the vacant land that you are making payment on to the former owner, he or she can sue you for breach of contract and waive the security for the loan or foreclose upon the property where you could end up losing legal title to it. I suggest that you consult further with a real estate attorney for assistance in your matter.


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