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Guest
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 Posted: Wed Jul 08, 2009 7:47 pm Post subject: Land Contract default |
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| We sold a house on contract in October 2007. He was to pay $230.00 extra per month for the 1st year for the down payment (he has paid $690). He was to pay $100 per month as escrow for the taxes (he has paid $200), he was to keep homeowners insurance on it (he went without for 3 months), he is behind 3 months on monthly payment. We gave him a "Breach of Contract" form on 7.1.09 and gave him until 7.10.09 (when his July payment is due) to pay us in full ($3600+) or we will take steps to get the house back. What are our options at this point? I don't think he will give us any money. He has one excuse after the other. We live in Indiana, the house is in Indiana. |
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 jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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| Posted: Wed Jul 08, 2009 11:04 pm Post subject: |
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Hi Guest,
As the borrower has defaulted on the mortgage payments and the contract, you can take actions against him as per mentioned in your contract. You can sue him for the payments. You can even contact an attorney and take his opinion in this regard.
Thanks |
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robertsmith2005
Joined: 22 May 2009
Posts: 338
-0.33 Dollars($)
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| Posted: Thu Jul 09, 2009 8:14 am Post subject: |
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| yes as per contract you can sue him. better consult attorney then he will guide you what best you can do as per contract terms & conditions. |
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annyb27
Joined: 07 Jul 2009
Posts: 135
0.88 Dollars($)
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| Posted: Thu Jul 09, 2009 9:40 am Post subject: |
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| Understand contract terms and condition to move further |
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