Cancellation of land Installment Contract

Code: FORM-665

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Cancellation of land Installment Contract

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Cancellation of land Installment Contract

Process of foreclosure (or cancellation of a contract for deed) may be shorter than foreclosure of mortgage. This may be an advantage to the Seller. Property may be depreciated in value after cancellation and repossession by Seller.If there is a mortgage on the property, the contract may violate a due-on-sale clause in the mortgage which the lender may or may not seek to enforce. Buyer may lose investment payments that are made and then the Buyer loses the home. Of course, this may also apply in a mortgage situation.