Posted by Michael Morrongiello on December 11, 2000 at 16:32:03:
Remember the saying: When someone needs to borrow money from you (as in you financing them) they treat you like an angel. However when they OWE money to you as a debtor with you being the creditor, they often treat you like your’re the DEVIL…
You can continue to get tough with the individual or you can also pursue the SALE of your owner finance note to create cash liquidity for you and let someone else take on the RISK and collection from this individual.
We have purchase problemative paper in the past and many times it is STILL a problem. Sometimes we are able to turn around a customer however.
You might consider this option as a means of getting out of this deal with cash in hand.