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Land Contract default

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.

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

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

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:44 | Post subject:

robert.smith2005's picture
robert.smith2005 | Joined: May 22, 2009 07:49 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:44 | Post subject:

annyb27's picture
annyb27 | Joined: July 7, 2009 03:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Understand contract terms and condition to move further

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:44 | Post subject:

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

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?

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:44 | Post subject:

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

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:44 | Post subject:

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

I am the seller in a land contract. they are [url=http://www.mortgagefit.com/know-how/filebankruptcy.html]filing bankruptcy[/url] 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?

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:44 | Post subject:

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

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

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:44 | Post subject:

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