our land contract vendor is in bankruptcy
We have purchased a condo on land contract and now the person we bought from is now in bankruptcy. They still have a mortgage against the property as well. The value of the condo has dropped dramatically and we cannot refinance or sell. We don’t know what is going to happen as the person we bought from is not giving any information. This entire situation has been a disaster and we would like nothing more than to get out of this situation and get back to apartment life. We also don’t know if we should be sending the payments to the person we bought from or if we should hold it in escrow. The question is how can we get out of the land contract if possible and what to do with our payments until we figure something out?
Tag Archives: Michigan
Land contract What do I need to know before entering into a land contract?
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?
What information should an applicant for a Land Contract provided?
What information should an applicant for a Land Contract provided?
Land Contract I am in the process of entering into a Land Contract for the…
Land Contract
I am in the process of entering into a Land Contract for the purchase of a home. Is it standard to reimburse the seller for taxes already paid at the execution of the land contract? In entering the land contract I am,in essence paying the existing monthly mortgage payment which includes taxes & insurance. Therefore, am I correct in my assumption that,there are no taxes to be reimbursed?
Lease contract My son ( 24) signed a lease agreement on an apartment yesterday…
Lease contract
My son ( 24) signed a lease agreement on an apartment yesterday where he goes to school and he really doesn’t want to stay there. Isn’t there a time frame allowed to cancel a contract once signed ?
Thank you,
R.Nash