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Forfeiture - Foreclosure of Land Contracts

Forfeiture 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 reasons 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 notice must meet the following requirements.

  • The notice must be in writing.
  • It should state the details of the contract and describe the features of the property.
  • The notice must state the terms which the buyer could not fulfill.
  • The notice affirms that the buyer has to meet his obligations or else the contract will be forfeited.
  • The legal notice should state the amount of attorney fees claimed by the seller.

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.

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

Like | Dislike | Share | Posted: Tue, 06/01/2010 - 02:43

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

Like | Dislike | Share | Posted: Sun, 07/03/2011 - 22:42

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

Like | Dislike | Share | Posted: Tue, 01/11/2011 - 01:31

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.

Like | Dislike | Share | Posted: Tue, 05/17/2011 - 23:11

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?

Like | Dislike | Share | Posted: Tue, 05/17/2011 - 19:01 | Post subject:

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 .

Like | Dislike | Share | Posted: Thu, 01/27/2011 - 09:39 | Post subject:

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?

Like | Dislike | Share | Posted: Sun, 07/03/2011 - 16:01 | Post subject:

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?

Like | Dislike | Share | Posted: Wed, 11/10/2010 - 16:31 | Post subject:

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?

Like | Dislike | Share | Posted: Wed, 04/21/2010 - 20:18

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]

Like | Dislike | Share | Posted: Wed, 12/22/2010 - 21:41 | Post subject:

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

Hi Syaunches,

If you resided in the property last year, then you may be held liable for the taxes.

Like | Dislike | Share | Posted: Wed, 08/22/2012 - 00:12

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

Like | Dislike | Share | Posted: Mon, 12/13/2010 - 20:48

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

Hi russ,

A query similar to yours has been replied to in the given page:
http://www.mortgagefit.com/Mortgage-Basics/buying-house-via-owner-financ...

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

Thanks

Like | Dislike | Share | Posted: Wed, 10/17/2012 - 00:28

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?

Like | Dislike | Share | Posted: Thu, 09/08/2011 - 09:30 | Post subject:

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

Like | Dislike | Share | Posted: Thu, 12/23/2010 - 19:18

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.

Like | Dislike | Share | Posted: Fri, 06/04/2010 - 12:02 | Post subject:

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

I have had difficulty recieving payments on time and they are now a month behind. They have made it clear that they will not have the balloon payment in April. I am tired of them always being late, not paying late fees or any other terms of our contract. Can I foreclose without a lawyer? What do I need to do first? What are the steps?

Like | Dislike | Share | Posted: Sun, 09/08/2013 - 15:54 | Post subject:

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

Hi runnbare,

A similar query has been replied to in this given page: http://www.mortgagefit.com/Mortgage-Basics/doit-yourself-foreclosure.html . Please take a look at it.

Like | Dislike | Share | Posted: Sun, 09/08/2013 - 23:10

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

Hi Bill,

A quitclaim deed can be used in order to transfer the property back to the contract owner. But it is always suggested that you have a word with a real estate attorney and take his help in getting the deed drafted.

Like | Dislike | Share | Posted: Thu, 04/11/2013 - 21:21 | Post subject:

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

My wife and I have an older home that we rent out in wash state. 7 monthes ago we decided to lease to own and had a purchase contract written up. We make just enough on the mo installements to make the mortgage payments. To our dismay the buyer decided not to pay and won't answer the phone or door. What do we do next?

Like | Dislike | Share | Posted: Sun, 02/12/2012 - 16:48

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

Like | Dislike | Share | Posted: Thu, 01/27/2011 - 22:58

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

Welcome mkbrads,

As you had signed an agreement with the buyer, you must have mentioned what actions you can take in case of non-payment of the dues. You can contact an attorney and take those legal actions against the buyer.

Like | Dislike | Share | Posted: Mon, 02/13/2012 - 00:47

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

Hi Marilynn!

Welcome to forums!

Well, you should get in touch with a real estate attorney and clarify the matter with him. He will let you know whether or not it is legal to go for such a deal.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Wed, 12/26/2012 - 21:08

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

We live in ohio and our seller (a family member) decided to forfeit due to my fiance (who is the buyer) not being able to secure a loan due to credit issues (but the seller let us stay and keep paying saying we would try again) - due to now a falling out, he has given us notice to rescind the contract. If Im correct, Ohio law states if we have paid him 20% of the purchase price, including the down payment, its not so simple - he has to sell & repay the amount we paid and go through formal eviction process, am I correct?

Like | Dislike | Share | Posted: Tue, 04/16/2013 - 10:08 | Post subject:

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

Like | Dislike | Share | Posted: Fri, 06/04/2010 - 23:54

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

Our family has been in a land contract for the past 6 years. We were due to pay balance off in Sept. We got served papers by the county sheriff that the house was going into fore closer, and a court date. The owner had not made the payments to the bank for about a year. We had to show all receipts of us making the payment. So we did. We were had been paying the monthly payments required by the bank, and 200.00 extra to lower the balance that would be due, at the end of the contract. We have found that only the min. payments had been made, and then those stopped. During that 6 years, we have put about 30 grand into upgrades and renovations, that it seems we will now be out as well. We have tryed to work with the bank, but at this point nothing is being done, so each day its like waiting for the ax to drop. We have started looking for something else.
The banks dont want to work with people, we have been to many sheriff sales, each time leaving with nothing, because the banks are buying all there houses back. They have a pretty good racket going for them selves. The get get insurance on the note, then when its lost by the owner, they get paid the insurance money, they buy back the house, and sell it again.

Like | Dislike | Share | Posted: Wed, 02/08/2012 - 09:37 | Post subject:

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

Like | Dislike | Share | Posted: Thu, 09/08/2011 - 23:04

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

Hi kiki,

You will have to speak to an Ohio based real estate attorney and take his opinion in this regard.

Like | Dislike | Share | Posted: Tue, 04/16/2013 - 22:11

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?

Like | Dislike | Share | Posted: Wed, 12/15/2010 - 21:13 | Post subject:

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"?

Like | Dislike | Share | Posted: Wed, 12/15/2010 - 21:16 | Post subject:

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

Over two years ago, I entered into a land contract agreement. The agreement mandated 700.00 a month (plus insurance on the home) as my part of the bargain. Seller did not notify me he was behind on property taxes by two years. The land contract stipulates property taxes are included in the 700.00 a month. Seller placed the land title in my name after one year. I had no prior knowledge of back taxes -- even though I did not live there until September of the year the taxes fell behind, I paid them to avoid land foreclosure. I have never missed a payment. Seller now wants to have me to get the home financed and buy it directly from the bank. Seller's reasoning is stress. Seller is behind on other properties besides mine. Because I make timely payments, is this legal for seller to do?

Like | Dislike | Share | Posted: Wed, 12/26/2012 - 07:33 | Post subject:

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.

Like | Dislike | Share | Posted: Tue, 09/14/2010 - 15:25 | Post subject:

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.

Like | Dislike | Share | Posted: Tue, 09/14/2010 - 15:29 | Post subject:

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

Like | Dislike | Share | Posted: Wed, 09/22/2010 - 02:19

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?

Like | Dislike | Share | Posted: Tue, 09/21/2010 - 17:28 | Post subject:

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

Like | Dislike | Share | Posted: Sat, 01/01/2011 - 19:55 | Post subject:

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

im buying a home in oklahoma via owner finance im supposed to have homeowners insurance on the property im also 2 weeks behind on rent . i havent got insurance because the home owner wants me to put insurance in her name . now she is trying to evict me . i have to go to court this week on it , what can i do to keep my home

Like | Dislike | Share | Posted: Tue, 10/16/2012 - 06:10 | Post subject:

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

Like | Dislike | Share | Posted: Thu, 06/09/2011 - 08:42 | Post subject:

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?

Like | Dislike | Share | Posted: Sat, 10/31/2009 - 16:51 | Post subject:

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

I have turned a land contract back over the the original owner, last month, signed the paper work. He has now turned around and is asking for last years taxes. I am responsible to pay these?

Like | Dislike | Share | Posted: Tue, 08/21/2012 - 08:45 | Post subject:

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

We purshased a piece of land in Tennessee the value of which has declined to below 50% of it purchase price. My mortgage is 30% more than the values of the property.

We like to modify the loan or increase the term to reduce the payment. I have never missed a payment, but they are difficult to maintain.

Any suggestions anyone might have is greatly appreciated.

Thanks,

Jay

Like | Dislike | Share | Posted: Mon, 07/23/2012 - 09:07 | Post subject:

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

me the seller can i evict the buyers out of the house there back on bank payments 3 months do they have the right to catch it up or can i just put them out

Like | Dislike | Share | Posted: Fri, 01/13/2012 - 15:47 | Post subject:

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.

Like | Dislike | Share | Posted: Sun, 01/02/2011 - 22:15

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

Like | Dislike | Share | Posted: Thu, 06/09/2011 - 22:42

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

Hi kay adkins,

If you have such an agreement with the buyer that they will be ousted from the property if they can't pay off the debts, then you can send them an eviction notice.

Like | Dislike | Share | Posted: Fri, 01/13/2012 - 23:06

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

Like | Dislike | Share | Posted: Tue, 11/24/2009 - 06:04 | Post subject:

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?

Like | Dislike | Share | Posted: Mon, 01/10/2011 - 09:00 | Post subject:

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.

Like | Dislike | Share | Posted: Tue, 04/05/2011 - 17:40 | Post subject:

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

Like | Dislike | Share | Posted: Mon, 05/31/2010 - 06:29

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.

Like | Dislike | Share | Posted: Fri, 11/13/2009 - 09:18 | Post subject:

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