I got a loan on a mobile home
for my employee (husband and wife "tenants") 16 years ago with the understanding they would pay the loan back. I thought I had cosigned, but title is in my name.
They have been not paying lately and the lender is after me. I told the tenants I would pay off the trailer if they give me title to the land it is on, so that if they default in paying me what is owed on the trailer I could sell it and get my money back. I was going to sell it back to them with a note and mortgage
. They did warranty
deed the property to me and at closing I paid 3 years back property taxes.
They have not made a payment towards the trailer, or insurance or anything for about 3 months now, and I am reluctant to give them a note and mortgage knowing they will not pay me, or the insurance or the taxes, and foreclosures take a lot of $$ and time.
I am considering a, unrecorded "contract for Deed
". Unrecorded because that allows them to get Homestead
exemption, at least as I understand Florida homestead exemption laws (Advisory Legal Opinion - AGO 74-363).
My question is if it easier to "evict" under this type of purchase agreement? If not, is there another method where they are paying towards getting the title, but upon a default it's easier to evict?