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Buying with a Land Contract |
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We are currently living in a home that we orginal signed a land contract on in May 05 the contract state the we were to pay the baln. in full in May 06. We were not able to pay the baln in full in May 06 and are currently livin in the home we have not signed any new contracts. We have tried to secure finance for the property but are unable to get fiance due to debt to income guidelines. We have been approved for a loan for a lower amount and would like to purchase a different home. We need to know how to get out of the current home because we can not purchase the home and we need to move for my wife job. What can we do? The lender wants us to get a letter from the current own of the home realesing us from the property but I know that he would not do that because he wants us to purchase the home even though we can't and need to relocate. We have no current contact and the orginal contract was never recorded. Please help thanks |
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You need legal help. I can think of several possibilities. One is that you could sell your land contract to some other buyer. If you've built up an account of money that was supposed to go toward the purchase price (perhaps a deposit or a portion of each month's rent) sometimes you do have the right to transfer that to another buyer and you could get some money out of it. Your contract would say whether you have the right to assign your contract, sometimes state law says you must have that right.
Another possbility is that you -- or your lawyer -- could persuade the owner to sell to you for whatever amount you can afford to borrow.
Another possibility is that your lawyer can get you out of the whole deal.
I realize that legal expenses are the last thing you need right now, but that's the way to go.
Let me know what happens; I'm interested. Good luck. |
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Edith
Originally published on October 29, 2007 |
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