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Updated about 5 years ago,

User Stats

294
Posts
70
Votes
Mark Scarola
  • Developer
  • San Diego, CA
70
Votes |
294
Posts

Private Lender Seeking to Avoid Foreclosure upon Default

Mark Scarola
  • Developer
  • San Diego, CA
Posted

I'm selling a house in Pennsylvania that I own free and clear. It needs a lot of work and so it is going to be sold as a fix and flip. I'm willing to offer seller financing, but in the event of a default I don't want to have to go through the expense and time to foreclose. I know that there's a way to arrange it such that in the event of a default, ownership of the mortgaged property would immediately return to me (again without having to go through the foreclosure process). What I need help with is the process. What do I need to do to set this type of arrangement up? Is it a quitclaim deed that I need or is it called something else? I can't remember. Thanks in advance!

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