Q: I hold papers for land I sold in Oregon and the buyer stopped making regular payments. What recourse do I have?
Would like to know when I can file to reclaim. Have heard that it takes three months of non-payment, but also have heard that if payments resume before the reclaim is granted then it all goes back to the origional agreement and the missed payments are just added until payment is complete.
A: You are going to need to run this by a lawyer and show them the paperwork you have for this sale. There are different procedures depending on whether you structured the sale as a land sales contract, a trust deed, or a traditional mortgage. Whether the buyer can cut you off by making late payments is debateably. This depends on the terms of the sales document. You definitely want to talk to a lawyer before you accept any late payments.
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