Land contract
What do I need to know before entering into a land contract? We are loosing our home and need somewhere to live. Without a conventional mortgage what are our options?
Land contract
What do I need to know before entering into a land contract? We are loosing our home and need somewhere to live. Without a conventional mortgage what are our options?
Re: Land contract
A very important element is to have a provision in the land contract providing that you make the payments directly to the bank. Frequently land contract buyers lose their money/interest because the seller does not take the buyer’s payment and make the seller’s mortgage payment. If the seller gets behind on payments and the bank forecloses, then the buyer will be forced to buy the house then or get out. If the seller then files bankruptcy, typically the buyer becomes an unsecured creditor and as a result will not receive any portion of the bankruptcy estate.
If you have further questions or concerns, please contact me via my website at http://www.lawrefs.com.
Renee Walsh
Walsh Law PLLC
1805 Hamilton Road
Okemos, MI 48864