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    whkinder's Avatar
    whkinder Posts: 3, Reputation: 1
    New Member
    		  
    #1

    May 8, 2011, 05:22 PM
    Land Contract Holder Defaulted on Loan to Bank
    My wife and I bought a Home on a land contract here in Michigan. We just recently received a letter (two weeks ago) from the Bank that the Holder of the Contract, a property management company, defaulted on the mortgage. The bank has posted a notice of public sale on the house. My wife and I have not missed a payment and have kept up the taxes and the property. We have all the records to proof and the registered the contract with Gratiot County. What are our rights. We have contacted the bank and informed them that we don't want to lose the house. They informed us to get a lawyer.. which we have contacted one... who has not gotten back with us. We are still trying to find a lawyer. The public auction is in less than 30 days. Will we lose our investment and be forced to move immediately.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    May 8, 2011, 05:28 PM

    First, ANY question on law needs to include your general locale as laws vary by area.

    You could lose your investment but you will not be forced to move immediately. You will have 90 days.

    Your best bet is to see if the bank will sell you the property for the balance of the mortgage. You may also have a lawsuit against the holder of the contract.
    whkinder's Avatar
    whkinder Posts: 3, Reputation: 1
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    #3

    May 8, 2011, 05:36 PM
    We are in the State of Michigan, actually located in the exact center of the lower peninsula of Michigan.
    whkinder's Avatar
    whkinder Posts: 3, Reputation: 1
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    #4

    May 8, 2011, 05:52 PM
    Comment on ScottGem's post
    Thanks
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