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Bry585 · Jan 4, 2014, 08:31 AM

I have been buying a home for 13 years on land contract only have 7years left to pay and now facing foreclosure . We have made all payments paid all taxes.. I have been told do to need repairs to the home that I have made.. Is what gives them the right to foreclose on us.. I don't see how this is wright but I am now in court trying to save my home.. I have a lot of money tied up in the repairs on this home and really need a way to save it.. The amount I owe on it is less then a bank will loan out for a home.. So I am asking is there anything I can do to save my home

Fr_Chuck · Jan 4, 2014, 08:44 AM

The issue with a land contract, is "IT IS NOT YOUR HOME" the deed is still in the name of the other person. I will have to guess, since you did not tell all the facts, the person you were paying, has not been paying the lender.

One option, is to see if the lender will agree for you to assume the mortgage and then allow the current owner to sign over the property to you.

Also was the contact ever filed at the court house, to show it attached to the property. Often it is not, but that should normally have been done.

Now the lender allowing you to take over payments is about the only option I see available.

joypulv · Jan 4, 2014, 08:53 AM

WHO exactly is telling you that you need to do repairs? WHO exactly is foreclosing? This doesn't sound typical at all.

ScottGem · Jan 4, 2014, 09:29 AM

As noted you are being clear on who is foreclosing and why. And, as also noted, if you are buying under a land sales contract, you do not own the home until the contract is fulfilled.

If the owner is foreclosing, then you need to go back to your contract. He cannot foreclose unless you have violated the terms of the contract. Also a foreclosure occurs with a mortgage, not a sales contract. In a contract, the owner declares you in default according to the terms of the contract.

So I suspect it is like Chuck guesses. The owner defaulted on HIS mortgage and that lender is foreclosing on the owner. If that is the case, then you need to try to negotiate with his lender to assume his mortgage. You also need to read the terms of the contract about what happens if the owner/seller defaults on his mortgage. If you had a good lawyer prepare the contract, there should be some provision for that.

Also any question on law needs to include your general locale as laws vary by area.