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Me and my husband are in a land contract and title holders own the home with no loans. Purchase price of 105000 with 2000 down. we have always been on time and even paid principal down.and now owe 94,5000. We pay them directly every month and have never been late the last 2 years. We didn't use our right to and inspection. We are now getting sick. We have found mold here and there. Sickness includes my one year old having pneumonia and myself having a miscarriage This past weekend. We know we will not get anything back but our health is more important and we need to go. Do we have any options? we have done plenty of upgrades but the garage door is now not closing all the way probably because it is 30+ years old. We removed 2 walls to make a large bathroom out of a smaller bathroo0m and laundry room. we replaced almost all carpet and counter tops. We just want to go. Please help -concerns parent

jameshogg · Posted: Fri Nov 04, 2011 7:15 pm Post subject:

Hi diva,

You can apply for a deed in lieu of foreclosure in order to get rid of the property. However, it will be the lender's discretion whether or not he will agree to it. You should also note that deed in lieu of foreclosure will reduce your credit scores by around 250 points.

Thanks

sabrinatoss · Posted: Mon Nov 07, 2011 6:40 pm Post subject:

Hello Diva mon,

A real estate installment selling arrangement whereby the buyer may use, occupy, and enjoy land, but no deed is given by the seller (so no title passes) until all or a specified part of the sale price has been paid. Same as contract for deed and installment land contract .

Idea

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