2468purple
Jan 21, 2010, 07:35 AM
We purchased land contract home in Michigan 2 years ago. Everything was filed by both parties. We have 3 more years left until our balloon is up. We purchased for 93,000 and now owe 78,500. We can no longer afford the monthly payments. Owner will not work with us or accept our phone calls. We put approx. 15,000 into the home and 7,500 down. All we want to do is walk away from the home but owner says we can't? We have bent over backwards to resolve this and have even sent him loads of other couples who would love to purchase the property on land contract or assume ours. I am still trying to even get the home sold (conventional loan) for him for what we owe. He is just terribly brow beating me. He lives out of state and we send payments to a realtor who tried to sell the home to him for 2 years while it sat. The realtor helped him draw all paperwork up.
Can we walk and leave the home and of course we know we won't get any money back. We just want to leave as we can no longer afford the monthly payments.
Can he turn us in to credit reporting bureau's and ruin our credit? We had to file BK previously and if he can report will this be on our credit history? If so; for how long?
Please help; we are desperate! We had a substantial employment pay decrease. Owner will not work with us at all.
Sincerely
Desperate and afraid
Can we walk and leave the home and of course we know we won't get any money back. We just want to leave as we can no longer afford the monthly payments.
Can he turn us in to credit reporting bureau's and ruin our credit? We had to file BK previously and if he can report will this be on our credit history? If so; for how long?
Please help; we are desperate! We had a substantial employment pay decrease. Owner will not work with us at all.
Sincerely
Desperate and afraid