Tie all this to the new lending requirements for owner occupants and the CFD of yesteryear seem to be very dead. No mortgage originator in their right mind would sign off on a CFD, dollars to doughnuts!
So, whether the CFD attempts to circumvent foreclosure would depend on how it is written. Just another reason to have your documents prepared (or reviewed) by a competent real estate attorney and not just downloaded from the 'net, but I digress.
older attorneys out in the country that have been doing these things for years, Air Force 1 Shoes High Tops
David makes a great point. Equity established in some states triggers which way to go. These apply to any Nike Air Force 1 High 07 Black Gum installment contract. These laws do exist however, none that I have seen or know of gives permission to circumvent borrower's rights but make a requirement at an equity amount established that a judicial process or sale under foreclosure laws being required. In other words, it doesn't prevent a borrower from making a fuss and requiring a formal process with 8% or 10% or 15% in equity. If you have a borrower who has made improvements they can certainly claim more in equity. Other things in the market may effect a current value as well, so you can't simply rely on the contract price to justify equity.
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Hi Bill, thanks for the input. Yes, that post was the most recent time I've heard of this. Here's why I'm confused: my experience is limited to Arizona, but in Arizona there generally isn't a foreclosure process with land contracts. Arizona Revised Statutes, Section 33 742 stipulates a forfeiture process (that is much different than a judicial foreclosure process) that is followed with most land contracts. So I'm thinking now that this is just due to a difference in states? It makes me curious though how other states do it. Is it a judicial foreclosure that you have to go through?
CFD is the prior agreement to use a deed in lieu of foreclosure, not much of an arm's length agreement when it's required. The other issue too is that deeds may be effective when they are made or granted, not when they are filed, so the contract may be void.
There is no distinction between occupied or unoccupied or to the type of loan agreement or improvements as to securing property arising from default of an installment sale or mortgage, improvements on the land are irrelevant. What can come into play are homestead exemption rights, as to amounts, but raw land may have homestead rights as well, there will be variations state to state. The basic concepts of installment sales are covered in the Uniform Commercial Code and does not exclude real property but has additional provisions for personal property. State laws are in addition to these requirements.
But, a straight installment sale with mortgage foreclosure attributes is a real possibility. :) .
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When you have title issues that may arise out of a contract sale, state laws certainly govern the contract, but if title insurance is denied, that is another issue and may not rest entirely on contract law but to contingent liabilities and clouds title as pointed out in the link provided. Most CFD transactions are not done with title coverage for a buyer, especially those unrecorded. If there is an underlying mortgage, lenders prevail but a CFD buyer certainly clogs the process and will be an uninsured matter for the seller and lender.
I've understood that the property is unimproved, again, sorry for the bad news, this basic discussion is applicable everywhere unless specifically addressed to the contrary. All real estate is local, your local jurisdiction will determine how laws are applied. I know there are Nike Air Force 1 Blue High
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many RE attorneys simply won't be aware of changes going on unless they have stayed current. A good attorney for you to contact might be one in the title business dealing with such issues daily rather than one who might practice in several areas of law. :) .
SOME CFDs required that a quit claim deed from the buyer back to the seller be held in escrow. In the event the buyer did not make timely payments, stopped paying, or otherwise breached the contract a clause was triggered that released the quit claim deed to the seller, thus returning the property without the need of foreclosure. This DEFINITELY circumvents the foreclosure process in all states.
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