Termination Of Land Contract
Question: How can I walk away from a land contract for a property with excessive loans?
I entered into a Land Contract on a home in South Haven, Michigan, with my landlord two years ago. I pay a hefty amount a month and was trying to refinance. I found that the land contract was never recorded, plus he has taken out loans on the house totaling more than the balance on the land contract. I want to walk away. What do I do?
Answer: When there is Land Contract, the Buyer should have the Land Contract or a Memorandum of Land Contract recorded. This places on public record that you have an interest in the property. This would help prevent a Land Contract seller from getting a mortgage for a greater sum than the Land Contract balance due. I recommend that you retain a litigation attorney in your area to pursue a claim against the Seller or to work out a mutual termination. Good luck with this difficult matter.
Attorney: Mark Miller