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Forfeiture - Foreclosure of Land Contracts

[b:1d327587f9]Forfeiture[/b:1d327587f9] is a kind of foreclosure carried out in case of land contracts mostly. A land contract is a real estate contract in which the buyer agrees to pay the balance of the purchase price to the seller and in return the latter offers him a deed when the contract is paid in full. The seller retains title to the property till the contract is fully repaid.

There are various [b:1d327587f9]reasons[/b:1d327587f9] behind initiating forfeiture. The seller often starts this legal process when the buyer does not fulfill the obligations of the contract or if the latter stops making payments of the land contracts. For instance, the buyer may fail to keep in good repair condition. Forfeiture may also be initiated if the buyer intends to sell off the property to a third party without an approval from the lender.

Prior to the action of the forfeiture, the seller sends a 30 day written notice to the buyer. This [b:1d327587f9]notice[/b:1d327587f9] must meet the following [b:1d327587f9]requirements[/b:1d327587f9].
[list:1d327587f9][*:1d327587f9]The notice must be in writing.

[*:1d327587f9]It should state the details of the contract and describe the features of the property.

[*:1d327587f9]The notice must state the terms which the buyer could not fulfill.

[*:1d327587f9]The notice affirms that the buyer has to meet his obligations or else the contract will be forfeited.

[*:1d327587f9]The legal notice should state the amount of attorney fees claimed by the seller.[/list:u:1d327587f9]The 30 day notice gives the buyer the opportunity to clear his payments and satisfy the obligations within this time period. If the buyer fails to cure his default within this time limit, the seller regains ownership of the property and keeps all the buyer's payments. If the buyer defaults again, the seller will have to issue a second notice called the Declaration of forfeiture. This notice gives him another 30 days to cure the default.

In forfeiture, the seller files an affidavit with the county recorder in order to reflect the change in ownership. Upon successful completion of the legal procedure, the buyer becomes a tenant at will and he may have to leave the property within a few days as stated in the contract. Usually the seller starts off the eviction action by issuing a 3 day notice to the buyer to quit the property.

If a buyer thinks that the seller has incorrectly forfeited the land contract, he can file in response to the eviction petition which deals with the issue of ownership of the property. If the buyer can prove that there is no default in the land contract, then he can stop the forfeiture and regain his ownership rights over the property.

In most cases, where the forfeiture is due to non-payment of monthly installments, the buyer can escape the legal action by paying a substantial amount of the purchase price to the seller. But this is not always guaranteed.

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

we purchased a mobile home 2 years ago by land contract. we can no longer afford to make the payments (we are not living in the property) we now live in indiana, the property is in california. we have tried to sell the property to no avail. how can we turn over the property back to the seller. we know we will lost all the money we have put in.

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Marcia!

Welcome to Forums!

You can speak to the lender and tell him that you cannot afford the property anymore and want to go for either a short sale or a Deed in lieu foreclosure. If the lender agrees to this, he will tell you how you need to proceed. You will have to give back the property to the lender then. But the lender's approval is required.

Feel free to ask if you have further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We sold a house on land contract in INdiana. He was supposed to pay an extra $230 per month the first year for the down payment (he paid $690), he was to pay $100 per month for the escrow for taxes (it has been 18 montsh, he has paid $200 total), he is 3 months behind on the monthly payments and went without homeowners insurance for 3 months (the mortgage company tacked that extra onto our monthly payment). He hasn't paid property taxes for this spring's installment. We gave him a "Breach of Contract" form on 7/1/09 giving him until 7/10/09 to pay us the $3600+ that he owes or we will take steps to get the house back. What are our options at this point if he doesn't pay = which I doubt he will. We live in Indiana. The contact says if he defaults on any point we can move to take the house back.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have a rent-to-own (I assume this is the same) and my client quit paying 20 months into a 36 month contract. (this is all in WV) I have filed for eviction. I have been told by friends that I will have to pay back the money the buyer has paid me. Can this be possible?

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drcharbonneau's picture
drcharbonneau | Joined: November 13, 2009 08:55 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have two land contracts for pieces of property that were and, to a much lesser degree, still are in dire need of repairs. I actually wrote the contracts making certain I followed all the essentials required per the "Burns Indiana Statutes" on land contracts. I included, in one, penalties for recission by the seller to the effect that if I am not in default on my payments and he chooses to recind the contract, he must pay me back the money I payed plus most of the interest as well as every bit of any time and materials I have invested into repairs or improvements.
Recently he tried to extort the 2008 taxes out of me when the contract clearly states he pays all taxes prior to the signing. I signed 12 days prior to the end of 2008 and recorded the contract with the county February 6th, 2009. I actually have a case against him with the police and it has gone on to the prosecutor concerning the attempted extortion of the taxes. He threatened to evict me if I didn't pay the 2008 taxes. The police said he can't do that and other things.
The question I have, since it really doesn't appear that either of us has actually breached the contract, do I have any recourse against him for his attempted extortion? I mean the guy runs heavy equipment, i.e. a front end loader, drinks and has threatened to tear the house down. I am considering a protective order and our contract specifically states and even defines the meaning, in that both of us shall respect each others right to quiet enjoyment.

Alsi2o:
From what I've read, if you rescind the contract, you may have to pay hium back, depending on the terms. Terms have a lot to do with it all.
Rent to Buy is not the same as a land contract unless it includes one. I never would enter a rent to buy. It is either a contract that has been tailored to be fair to everyone or it just doesn't happen. I tailor my contracts depending on the property and how much work I'll have to do to bring it to habitable condition.
I suggest you go to your public library and look up the Burns Statutes for your state. They often have precedent statutes of what has occurred in various other cases. Here in Indiana, a land contract cannot become a rental situation unless it is deemed completely void. Think of this, though: If something is totally void, it also voids the dollar amount, so you might have difficulty getting any damages based on "back rent" if it does become void. It might become a "tenancy of tolerance" where the occupant actually pays nothing, or the occupant may say the house was not rentable or, if he made repairs, might be able to recover against you for any repairs he made to make it rentable, even if they were incomplete.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I entered into a landcontract and have paid all monies due. I am waiting on a title to mobile home . is there a statute of limitations

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

who pays the repairs and taxes on a home under land contract?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Shona,

It depends on your contract, but generally the buyer pays for taxes and repairs. In a "rent to own" situation that may be different, but I personally would never rent to own.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have buyers living in a house I own in California. The lender on the home has agreed to a trial modification. The lender knows that I do not occupy the property. The buyers and I have entered into a land contract (which is not recorded) and an oral agreemnt that the monies they pay me (as stated in the land contract) will in turn pay the amount owed on the trial modification. The buyers have stopped paying. Based on the contract, nonpayment makes the contract void. Do I evict them as a tenant? I served the buyers a 3 day notice with the remaining contract price listed as what was owed. Or should I have served them a 3 day notice based on the monthly contract fee owed?

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

The oral agreement won't be given importance. It would be better if you would have given them a 3 day notice period to leave the property based on the monthly contract fee owed.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have paid the contract payments every month,I have put tax exempts and had the property reassesed which made the taxes go from 2400 a yr to 620 a year.The 12 months is up and the seller demands me to get a mortgage by May 1,2010. I have worked on it all year w my lender. seller is 430 behind on the HOA fees which are included in my payments that I have already pd. I have put money into this home and the market is way down here by 20% over the last year and there have only been 2 solds for 20% less in the neighborhood.What are my rights as a contract buyer Indy?

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riseabove's picture
riseabove | Joined: November 9, 2009 12:58 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Each state seems to have it's own Foreclosure laws, is this also the case with forfeiture as well?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

wohave a land contract and the sellers are being stuborn about us selling we r all payed up past june if i cancel the insurance will this void our contract and make what we already paid considered rent we have to move south due to health reasons is this allowed

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

If you've paid up the dues and got the property transferred in your name, then you will be considered as the owner of the property. Thus, you will be able to sell it off at your own wish. I don't think cancellation of insurance policy will void the contract. However, I would suggest you to contact your real estate attorney, discuss the case with him and then take a decision.

Thanks,

Jerry

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I sold a mobile home over a year ago. I received notice that I owe taxes for last year (which I did not live in the home then). I just learned that the buyers have not switched the title over, it is still in my name. (In Indiana). If I pay those taxes, can I file for a lost title and reclaim the home? Thank you.

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi smarie,

As the property is still in your name, then you would be held responsible for the taxes. You can claim the property after you pay off the taxes. I would suggest you to contact a real estate attorney and he would suggest you what steps you need to take in order to reclaim the title.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Land contracts are deals made between individuals for one part to purchase with a set payment, interest, down payment just as a financial institution. A contract is written with expected date of payment and guidelines for the purchaser to follow most often including maintenance /repairs, carrying home owners insurance, etc..Some require a balloon payoff in a short period of time (in fact most do) while others will allow you to make the payments over 20-30 years with the option of an early payoff without penalties. If you decide to leave a property you have purchased on a land contract the money paid is forfeited and considered "rent" inclding the down payment unless otherwise stated. Follow your contract..that is your only legal standing.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

While you may be current on your payments you do not necessarily have the right to sell the property yourself. You may be required to have written notification from the original seller of whom you are still paying. If it is not expressly written in the contract you need to work amiably with the seller and an attorney to accomplish that goal just to make sure you are doing everything required in your original contract and by state/county/local laws.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have a land contract and I have fallen behind in payments due to me getting laid off. Then to top it off, my boyfriend left me (contract is solely in my name) with all of the overdue utilities and mortgage. I just started working again last week and they want at least 700 dollars by the end of the month or they will take serious action. I want to pay them back, but there is no way I can get the 700 hundred dollars by the 30th. I don't know what to do. I can pay them back, I just need about a two weeks and not nine days. :( They've already been so good to me for the past several months. I'm just at an end. Is there any hope for me or is this it? Will I be homeless?

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi MorganC,

You should immediately contact your lender and negotiate with him so that he gives you 2 weeks time to pay off the balance amount. If you can convince the lender, he will definitely listen to you and give 2 weeks time.

Thanks,

Jerry

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We got into a land contract july 2009 the agreement was we get morgaged by feb 2011 Well we got approved for a morgage but it was way less then what they want for the house.Now they are threatning us saying they can take us to court and we will have to pay a bunch of money if we dont try and get approved somewhere else.Is there anything we can do?

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi ashleyreno!

Welcome to forums!

As there is a contract between you and the seller, he has the rights to take you to court if you're unable to get the loan within 2011. If you have a bad credit or any other financial problem, then you should take the help of your friends or relatives and ask anyone of them to cosign for the loan. This might help you in getting a higher amount of mortgage.

Feel free to ask if you've further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am buying a house on land contract in michigan. I have so far never been late on payments the contract states that i pay the seller 125.00 extra a month to go towards the taxes/ however the seller has not paid the city the taxes owed and they are now behind. What as a buyer can i do? can i sue the seller for defult of the contract and get my down payment and money i have invested into this house because i have a feeling that she is going to end up making me pay the taxes or lose my house please help if you can. I have 7500 invested in the downpayment and housepayments and about 3*5 thouseand in repairs.

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome aimee,

If you haven't bought the property yet, then you can cancel the deal due to the unpaid taxes. If you have bought the property, then rather than suing the seller, you should start taking steps in order to pay off the tax dues.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

during a land contract purchase, and the rpoperty had plumming problems after the seller states that the property had no problems move in ready. I asked this at the time of my three thousand down. since then its been terrible.the plumming is more than an inch deep in bathroom and toilet backs up in the tub. The furnace did not work which he replaced but now is not working properly it was used. Over, the first year every other week the toilet was snaked and then a out access was made after there line was
snagged and broke. Im so unhappy as I asked him what was wrong with
the house he was not honest. I was homless at the time. with twodaughters and a grandbaby girl. help what can I do .

the property and he said nother

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi shae!

Welcome to forums!

You should contact an attorney and check out if you can take legal actions against the seller. You should try to sell off the property and try to look for another better property to live in.

Feel free to ask if you've further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I was selling a piece of property on contract (recorded at the court house) back in 07. The buyers and 3 months behind on payments... cancelled the insurance and not paid 2010 taxes. They then moved out and rented the property to someone else.... They are pocketing the money and not paying me a dime.

I sent a certified letter to the buyers and told them to vacate... Since they moved, is this considered abandonment?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Also, since it is recorded at the court house do I have to file a formal "foreclosure"?

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Mulysa,

It was your rental property. You don't have to foreclose it. You can contact an attorney and terminate the contract with the tenants and check out if you can get other tenants for your property.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I done a land contract with a real estate agent and I have a huge Problem. we purchased the house and all payments are made. We have made substantial updates on the property. Now that were ready to finance I found out that this property is not able to have a loan because the city I live in will be buying the house to put in a freeway off ramp. I called the DOT and he assured me that this property will be purchased by the state by June 2011 which is when I am supposed to be re financed by. What am I supposed to do? I have filed a report with the Association of Realtors but they cant give ( legal ) advice. I cant afford the huge retainer a lawyer wants. She NEVER mentioned that the house was gonna be un financiable, is that failure to notify. or breach of contract. I have kids and im scared and dont know what to do. please help me. I really need help

[size=9:5057fbbc41][color=Red:5057fbbc41][Email address deleted as per forum rules. Thanks.][/color:5057fbbc41][/size:5057fbbc41]

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Mat,

Your query has been replied to in the given page:
http://www.mortgagefit.com/predeal/about47777.html

Take a look at it. Hope it helps you.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my husband and I purchased a home on a land contract as we were unable to finance a mortgage on our own at the time, we asked the real estate person we bought the house with if we could sell the property as we wanted to purchase a home that more suited our needs at the time, he assured us we could do that, now the owner is saying we cannot, who is right? the co-owners are very uncooperative people

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome Judi,

Unless the co-owners agree, you'll not be able to sell off the property. You'll have to negotiate with the co-owners so that they agree to sell off the property.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I had a land contract and kept current on all payments. We had to leave the house for personal reasons and notified the owner we would be leaving as of a certain date. The contract stated that we would owe them an additional $3500.00 at the end of January, however, we left as of January 1. Are we still liable to pay this?

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi nancy,

It will depend upon the type of agreement you have with the land owner. I will suggest you to contact an attorney and ask him to go through the contract. He will let you know whether or not you'll have to pay the additional amount.

Thanks,

Jerry

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I own a house jointly with full rights of suviorship with my brother. If i sell to him on a land contract does it void my right of suviorship or can he now will property does orignal terms of deed change with a land contract .

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi john,

If you sell off the property to your brother, then your brother will become the sole owner of the property. Thus, you won't have any rights toward that property.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i purchased a home back in april 2010. my IRS tax insentive got denied and that was setup in my land contract as my down payment. I have been current with all of my monthly payments and have even paid some extra for the down. i am still 7500$ behind and i am not having any luck comming up with the money. Can i be forclosed on by the seller and if so how long can the process take.

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome cheff,

As you are paying the dues, I don't think the lender will immediately foreclose the property. You should have a word with your lender in order to find out how you may be able to pay off the delinquent balance and save your property from foreclosure.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am 19 months into a 20 month agreement with the buyer of my mobile home. She has been late on payments nearly every month and is now currently 3 months late. I have tried reasoning with her to finish the contract out, but now she hasn't followed through on her promises and won't return phone calls. I need to move forward with the eviction process, but don't know where to begin here in Ohio. Any advice?

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome Randi,

You should contact a lawyer based in Ohio and check out how you can evict the person from your property. As far as I know, you will have to file a lawsuit and get a judgment in order to evict the person from your property.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We gave our son a $4000.00 boat for 1/2 acre, for our other son, who is disabled. That made the proberty paid in full. Now, our son does not want him living there, after we paid for all improvments and moved a mobile home there 15 months ago. He is trying to get him evicted. It was an oral agreement, we just trusted our son to do the right thing, and never thought there would be a problem.....Our son (the seller) did make the statement in writing that we gave him the boat for the land. We live in Ky....how can we make him honor the oral agreement? Thanks

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi humbird,

It will be difficult for you to make him honor the oral agreement. He is not liable for honoring an oral agreement. Nevertheless, you should contact an attorney and take his opinion in this matter.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am in the process on buying a condo. When i was bidding on the condo, i was told the property was a new never lived in. I made my bid based on the condo being new. Come to find out the condo was previously lived in. the builder is telling me that does not changes things because the previous owner elected to give back the property and they never foreclosed. Isn't it true if there was a previous owner on the deed, it is considered a foreclosed property; which changes the value?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

6 years ago my husband and I bought a home on land contract. We have paid to date almost 70% of the original purchase price. According to our contract our payments are due on the 20th of the month with a grace period ending on the 25th. Any payment made after the 25th includes a $5 per day late fee, if payment is not made by the 15th of the following month we have agreed that we understand that the seller may begin to try to take possession of the home.

We made our June payment along with applicable late fees five days past the end of our grace period. The seller has called and said that she will be sending out a notice of eviction, because she is tired of us paying late. In six years we have never been more than a few days late and never even came close to the 15th of the following month.

We have not breached any part of our contract. Is there anyway that she will really be able to evict us?

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

If you have not breached your contract, then the seller won't be able to take any legal actions. Even if she takes legal action, she will lose the case.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My husband and I sold a house to a couple 3 years ago on a land contract. They paid $5,000 down and agreed to make a monthly payment. They also agreed to assumed the property taxes and insurance responsibilities. In the contract it stipulates that they will keep the maintenance up on the home and pay the refuge and municipal fees. We just found out that they have vacated the house and have hired an realator to sell the house. Also they are over three years behind on their refuge (trash) bill. The house is in horrible condition. We live out of state and have just seen it. What are our legal options?

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Dee!

Welcome to forums!

Your query has been replied to in the given page:
http://www.mortgagefit.com/Mortgage-Basics/What-are-our-options-in-WV.html

Please take a look at it. I hope it will help you.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

we purchased a home almost a year ago through land contract. written up by a lawyer and filed/recorded. we have kept up the property and have never missed a payment. the owner just placed a for sale sign in the front yard a few days ago. it is listed with a local realtor. can he legally do this? we find nothing in our contract which addresses this situation. we are in iowa.

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome d brass,

If you are paying off the payments on time every month, then the owner cannot place a "for sale" sign in front of the house. You should have a word with the owner as well as consult an attorney in order to sort out the matter.

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