Home Selling in Florida>Question Details

Pam Stiles, Home Seller in 32707

I am selling my home and considering holding a second mortgage. What recourse would I have, in Florida, if?

Asked by Pam Stiles, 32707 Tue Mar 4, 2008

the Buyer defaulted? Thanks.

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Will you still live in Florida once you deceide to do this risky deal? Holding a second mortgage for someone is a risk. You must do a thorough credit and background check first. Then I will insist upon a large down payment. Include a clause for default that is 100% in your favor. Make sure that if the person defaults, you have recourse to have them vacate(eviction) the premises at once. This document must be crystal clear to the borrower as to the consequences of default.
0 votes Thank Flag Link Tue Mar 4, 2008
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