Byron 402-681-3684 Deeb Realty
payment or lose the equity they may have in the house.
On the other hand, if the land contract is not regarded by the lender as a "alienation" because you still retain
the rights to your property until your buyer makes full payment.
Then again, do you have a mortgage or a deed of trust collateralizing your loan. In that case, equitable titile is
held in trust, and under the land contract your buyer would also be holding equitable title.
Your situation could be complicated. Review your question with a competant real estate attorney before you proceed.
Prudential Ambassador Real Estate
Just as you can sell your home conventionally.
In a land contract, you're agreeing to sell the property (transfer the deed) once someone has fulfilled a commitment--usually payment of a certain amount of money over a certain period of time. Once they do that, they purchase the home by (usually) getting a mortgage. Rather than the full payoff going to you, part of it will be used to pay off your existing mortgage. Just as if you were selling conventionally.
Check with a real estate lawyer for more details.
Hope that helps.