Posted on: 21st May, 2008 09:47 pm
i purchased a home through land contract from a friend of mine. I have been making payments to him But he has stopped making payments to his bank. Now the bank is foreclosing the property. I’ve heard from the bank lawyer that it will be a sheriff’s sale within the next 6 weeks or so. I didn’t get any notice regarding this. What about all the repair I did on the property? do I lose everything on the home even though it’s not my fault.
Hi terry,
Welcome to the forum.
This is the drawback of the land contract. When property is under mortgage, it is better not to go for a land contract. Has the land contract been recorded? I think you should consult with a real estate attorney ASAP.
Best of luck,
Larry
Welcome to the forum.
This is the drawback of the land contract. When property is under mortgage, it is better not to go for a land contract. Has the land contract been recorded? I think you should consult with a real estate attorney ASAP.
Best of luck,
Larry
Welcome Terry,
Larry pointed it out rightly that if the property is under mortgage then land contract is not very helpful.
Larry pointed it out rightly that if the property is under mortgage then land contract is not very helpful.