Nothing is going to happen until you are able to obtain the Apple ID and Apple ID Password of the person who originally set up the phone.
It is unlikely that the person that you bought the phone from has this information......because it was not likely their phone.
More likely, the phone is stolen. That is why you suddenly cannot get a hold of the person who sold you the phone. They have your money....that is all that they care about.
Try to get your money back. The phone is useless. Otherwise, turn the phone into the police or recycle the phone.