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Updated over 6 years ago,
Can I do this to avoid foreclosure for my owner financed house?
I've got a house that I plan to sell via owner finance.
Since Florida is a judicial state, I have huge concerns if the buyer doesn't pay his mortgage (to me)--even after giving me 10% down payment.
I heard that I can do this--can you please confirm:
My contract for deed to the buyer can state that in the event of a non-payment for x period of time (e.g. 2 months), the contract is voided, all funds paid become as rent and buyer must either pay the arrears and continue as a tenant, or be evicted.
I was told foreclosure was unnecessary.
IS THIS TRUE? CAN I DO THIS IN THE STATE OF FLORIDA to avoid the long and tedious process of a judicial foreclosure (I've heard people have dragged things on for like 6 years).
Your input is greatly appreciated!
Thanks,
Rob