Posted by Joe(IN) on June 11, 1999 at 10:56:57:
I have always liked selling on a Lease/option because of safety. If my buyer stops paying I use the lease to evict, it’s quick and pretty painless. Problem is, I don’t think anyone will recognize the lease term the same as a “seasoned” note.
If I sell with notes and transfer the deed, and they don’t pay, then I’m locked into a Foreclosure.
I’ve read that Land Contracts can easily be thrown into foreclosure proceedings as well.
Is there a way I can sell on paper (and hold the paper building a seasoned portfolio), and yet insulate myself from being thrown into foreclosure proceedings.
I just want my cake, and I want to eat it to, . . . AND
I want to be paid to eat it!
What do you do?