Under state law, at 20% equity, you would have to foreclose on the borrower and would not be able to use land contract forfeiture provisions (more like an eviction).Oceans of ink have been spilled here talking about the SAFE Act and Dodd Frank regulation that seller-financers have to abide by now, and the implementation varies by state, and there is still lots of ambiguity in how it will be interpreted and enforced.

No sense incurring additional regulations and potential liability on related, but separate businesses.

Regulations for note/mortgage servicers just to your north in NC (and probably for SC as well) are a lot more involved.

They, like Joe I suppose, guessing, that they may do anything they like, however just because they aren't under some ruling or regulation to take certain steps, they can certainly be sued in court for taking a windfall for more than they were owed, plus costs.

In concept it is legal as long as you meet permitting and code regulations.

do they think they are following a regulation and the director needs to be informed that it doesn't apply the way she thinks. ?

I can make an old house profitable but that's because labor is inexpensive in this market, and government regulations are practically non-existent (though we go above "code" whenever possible and do make things safe).We took $300-400 worth of copper (scrap value) out of one duplex and replaced the plumbing with PEX and PVC because of holes and splits in the copper.

You get information about the rules and regulations in your area.

Neighbors can tell you a lot about the occupants or even how long the property has been vacant.Regarding Section 8, I would contact the local housing authority to see if they have a landlord briefing which is typically a meeting to discuss the Section 8 program some of the process, rules and regulations and forms.

There is certainly no law or regulation, unless only on in wacky Cali World, that forces a lender to approve a short sale to a land trust.