Posted on: 07th Sep, 2009 04:38 pm
We have a house on land contact in Michigan. The buyer is saying she can not get a mortgage for the balance because of the market. We have been to realitors and lawyers, they all say there is no reason why she can not get a mortgage other than her bad credit. The ballon payment is due the end of October and she is not wanting to pay it, says she wants us to take less for the house, over $30,000 less. My question is, if she does end up defaulting and does not come up with the money will we be required to give her any of her $10,000 down payment back. We only received $3,000 of it, the rest went to closing costs and realitor fees.
the contract was written up, the down payment money should be yours. But, you will want to contact the attorney that wrote the contract for you to be sure. You don't want to be left guessing in this situation.
Also, in this market there are several "good credit" borrowers not qualifying for a mortgage right now. There are a lot of contract holders in your boat...
Best of luck,
Also, in this market there are several "good credit" borrowers not qualifying for a mortgage right now. There are a lot of contract holders in your boat...
Best of luck,