Land Contract default

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Post 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.
Icon Mini Profile jameshogg
jameshogg




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Post 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
Icon Mini Profile robertsmith2005





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Post 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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Post Posted: Thu Jul 09, 2009 9:40 am    Post subject:
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Understand contract terms and condition to move further
Betty J.

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Post Posted: Sun Aug 22, 2010 11:38 am    Post subject: Buyer default on contract
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I sold land & M.H. in Indiana in 2007 and am carrying contract. Buyer has defaulted, doesn't want the property. My contract says I can retrieve property but don't know what legal instruments are needed to get things squared away for the property taxes. Do I need an attorney?
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Post Posted: Sun Aug 22, 2010 9:09 pm    Post subject:
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Welcome Betty,

It will be better if you could contact an attorney and he would guide you through the whole process of foreclosing the property and getting it back in your name.

_________________
Procrastination is the enemy of your financial success
tina

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Post Posted: Tue Sep 14, 2010 5:12 am    Post subject: does bankruptcy void a land contract?
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I am the seller in a land contract. they are filing bankruptcy but do not plan on including me. I feel that the timeline on the contract is not sufficent for them to be able to actually buy the house. so, does them filing bankruptcy void their contract?
Icon Mini Profile jameshogg
jameshogg




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Post Posted: Tue Sep 14, 2010 9:45 pm    Post subject:
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Hi tina,

Filing bankruptcy won't void their contract. However, if both you and the buyer mutually agree, then both of you can call off the deal.

Thanks
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