Posted by Stacy (AZ) on April 21, 1999 at 12:37:23:
State’s laws vary. Here in AZ, a land contract is quicker to foreclose than a trust deed up to a point. It depends on how much equity the defaulting buyer has in the deal. For example, if the buyer has up to 10% equity, the foreclosure period is 30 days.
Also, land contracts are usually structured so the defaulting buyer becomes a tenant if payments are not made, making it possible to evict, rather than foreclose. I still have to research this aspect in AZ, as should anyone doing subject-to deals for their state.