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    jwstee's Avatar
    jwstee Posts: 1, Reputation: 1
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    #1

    Jul 3, 2009, 09:02 PM
    Land contracts
    Sell a house in Michigan on land contract when you still have mortgage
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Jul 3, 2009, 09:10 PM

    You may sell a house on a land contract, since no deed to the house is transferred until the house is completely paid for.

    If you are the buyer, you would want some safe guard that makes sure payments are made to the original lender. As the seller, you are obligated to have the contract amount high enough to pay for thins that happen
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #3

    Jul 4, 2009, 03:51 AM

    And what is your question?

    If the buyer cannot obtain financing, they a contract for deed may be the only way you can go. With a contract for deed you retain title so your mortgage continues.
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