The small print at the bottom read: “In the event the default continues for 30 days … payments made by the purchaser shall be considered as rent for the use of the premises.” In other words, the buyers did not actually take ownership of their property until the final payment was made. If a buyer missed just one monthly payment, all their previous payments would be classified as rent and they would have no equity in the land at all. - source
Clyde Soapes was a grain-elevator operator from Texas who heard about the lots in early 1980 and jumped at the chance to invest. He put $3,000 down and began making payments of $244.69 per month. He made thirty-five payments in all—totaling $11,564.15, just short of the $14,000 price for the lot. Then he suddenly fell ill with diabetes and missed a payment, then two. The Clintons informed him that he had lost the land and all of his money. There was no court proceeding or compensation. Months later they resold his property to a couple from Nevada for $16,500. After they too missed a payment, the Clintons resold it yet again.
Here we call those “agreements of sale” and they are treated like mortgages. You can’t just cancel them the way the Clintons did, they actually get foreclosed and sold through public auction, and the proceeds first are used to pay off any remaining debt, and then the balance goes to the former buyer.
Still may not be enough for the former buyer, if the auction doesn’t sell well, but it’s still better than total forfeiture of their investment and a windfall profit to the seller.
All Trump has to do after bringing up the Whitewater scandal is ask Mrs. Bill Clinton just who wrote that provision into the contracts. I have always believed that it was Mrs. Bill Clinton (Wanting to be known back then as Hillary Rodham). She is the evil in the marriage of those two charlatans.