Problems with seller financing

[Nathan Habben]

I want to buy a property using seller financing, (land contract, contract for deed or whatever you want to call it) but my main concern is wanting to be protected in case the seller quits paying his mortgage even though I am paying him every month under the terms of our contract. Is there a way to prevent this? I was thinking we could just put something in the contract where my payment would go to a 3rd party then they would pay his mortgage and taxes, with him getting the amount of money left over each month. Has anyone ever done this type of arrangment? Does anyone see any problems with it?