advice on seller financing property

[heatherweidman]

What is the name of your state (only U.S. law)? Florida. I am wanting to purchase a property the seller is financing, the seller has an existing mortgage. Can we do a contract for deed? I need some advice on what to do to protect my interest.

[FlyingRon]

I wouldn't do it. If the seller stops paying the mortgage you're going to be left high and dry. Further, his mortgage probably has an accelleration ("due on sale") clause that kicks for this kind of action. You'll be running on borrowed time (they tend to find out when the tax / insurance etc... documents change, the lien holder gets courtesy copies).

[HomeGuru]

Originally Posted by heatherweidman

What is the name of your state (only U.S. law)? Florida. I am wanting to purchase a property the seller is financing, the seller has an existing mortgage. Can we do a contract for deed? I need some advice on what to do to protect my interest.

**A: before anything, get a title report, survey, home inspection, copy of the mortgage docs etc. from the Seller.

[tranquility]

It is not seller financing if the seller will have the property continued to be subjet to a mortgage.

[HomeGuru]

Originally Posted by tranquility

It is not seller financing if the seller will have the property continued to be subjet to a mortgage.

**A: it still could be as there are different interpretations of seller financing transactions ie. land sales contract, contract for deed etc. where there is an underlying mortgage.