Please understand there is big different between land contract & seller financing.
seller financing is you financing the deal, go thru normal closing, and you end up holding a mortgage note, when the buyer default, you will have to go thru normal foreclosure, which take 6 month to a year.
Land Contract is you selling the property in installment, you holding the deed, while the buyer paying for the equity in installments, you can go thru an eviction like normal, but the court may find buyer owns a sizable equity in the property, which may delay the eviction process.
while both methods sounds very attractive, but there can be pitfalls to such an arrangement, The lender can demand payment in full of the loan, forcing you to procure a loan to pay off the mortgage.
I will NEVER NEVER consider both of these methods.
please read:
http://www.frascona.com/resource/jag404ilc.htm
seller financing is you financing the deal, go thru normal closing, and you end up holding a mortgage note, when the buyer default, you will have to go thru normal foreclosure, which take 6 month to a year.
Land Contract is you selling the property in installment, you holding the deed, while the buyer paying for the equity in installments, you can go thru an eviction like normal, but the court may find buyer owns a sizable equity in the property, which may delay the eviction process.
while both methods sounds very attractive, but there can be pitfalls to such an arrangement, The lender can demand payment in full of the loan, forcing you to procure a loan to pay off the mortgage.
I will NEVER NEVER consider both of these methods.
please read:
http://www.frascona.com/resource/jag404ilc.htm
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