With "seller carryback financing," the seller (as the "mortgage holder") will usually try to take back the property by using a "nonjudicial trustee's sale." This gives the borrower 90 days to pay back what they owe and keep the property before the sale process starts.
These are questions that the above text answers:
1. What is seller carryback financing?
2. How does seller carryback financing differ from traditional mortgage lending?
3. What is a nonjudicial trustee's sale?
4. How much time does the borrower have to pay back what they owe and keep the property in a seller carryback financing arrangement?
5. What role does the seller play in seller carryback financing?
6. What is the purpose of a nonjudicial trustee's sale in seller carryback financing?
7. What happens if the borrower fails to pay back what they owe within the given timeframe in seller carryback financing?
8. How does seller carryback financing provide an alternative to traditional mortgage lending?
9. What is the process for the seller to take back the property in seller carryback financing?
10. What is the timeframe for the sale process to start in seller carryback financing?