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

    Nov 11, 2008, 10:19 AM
    Can I purchase a home with a mortgage on a land contract?
    Can I purchase a home in Michigan on a land contract if the current owner has a mortgage on the home?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #2

    Nov 11, 2008, 11:16 AM

    Yes. I would, however, have language put into the contract that requires the seller to keep the mortgage up to date.
    lauren6318's Avatar
    lauren6318 Posts: 36, Reputation: -3
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    #3

    Nov 11, 2008, 01:41 PM

    You really need a lawyer for that one. I wouldn't do it. Can you assume his mortgage? If he defaults, the mortgage company (who technically owns the property) will take it from you in a second. They don't care what agreement you had with the owner.

    Think about it - I can't sell my brand new car to you while I owe $$ on it, because I don't technically own it yet. You can pay me for it but I can't give you title until the lien clears.

    This sounds very fishy.
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