Updated over 13 years ago on .
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Owner Finance Deal goes south. One question...
Facts: Hi, I have a home that was sold on owner financing. I sold it with a land contract, keeping title/deed in my name.
The people living in the house are behind on their payments by just over 1 months. My contract is the one William Tingle uses/used, that states that the contract converts to a lease agreement if they stop paying/get behind. We have a court date set for 3/6/2012, but if they want to work a deal out to where they leave the house and sign it over to me, I'm wondering how this can be done. How do I absolve this contract by having them sign it over to me when I am the very one holding the deed? I want to avoid the evictions process, because I don't want the judge to rule my contract negated by state law that says/or may say that a note holder must publish the foreclosure for four weeks prior to the foreclosure sale. Can someone help me with this? How do I absolve the contract cleanly if the occupants are willing to absolve and move out rather that electing to meet me for court?
Thank you so much for your help.