Posted by John Merchant on August 21, 2005 at 13:30:15:
Ah, you’ve been burned by what David Butler, John Behle, many other very knowledgable people, term “throw-away” 2ds.
Next time do some serious research into value of the RE, credit and income of the buyer so you’ll know much better just what you’re buying.
Here, unless the debtor has already filed a BK proceeding, wait a couple of months until the new BK law has gone into effect, then notify the debtor that unless he pays you, you’re going to go after him with a court judgment.
And inform him that the J will stay on his credit and ruin it for many years (all true) so he’d be far better off to contact you and make some settlement arrangements.