Michigan Land contract - Buyer
Land contract started June 1992. $1500 down, $24,000 left to pay, 10% interest, $300/month. It has been 16 years so we asked for an itemization of all payments and the seller keeps giving us the run around. It has been months now and they just keep saying call next week, we are busy. They also stopped paying the insurance 2 years ago so we've been paying that on top of the monthly bill even though it was in the contract that the seller would pay all insurance and taxes. Now the state has sent us a bill for taxes that were due in 2006 that the seller never paid.
We just want to know how much they think we owe so we can buy it outright or if we have actually paid it off and they won't sign over the title. So my question is, if we ask for the itemization (not sure of the legal word for that) of all payments how long do they have to provide it? How long do we wait before actually contacting an attorney? If they haven't been paying taxes and insurance shouldn't the whole payment go towards interest and principle, not escrow?
Thanks for the help ;o)