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Updated over 6 years ago on . Most recent reply

User Stats

70
Posts
37
Votes
Robert L.
  • Investor
  • Jacksonville, FL
37
Votes |
70
Posts

Can I do this to avoid foreclosure for my owner financed house?

Robert L.
  • Investor
  • Jacksonville, FL
Posted

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

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