Land Contract

[vhock]

What is the name of your state?What is the name of your state? Ohio

I entered into a land contract in 4/2003. In 3/2005 I approached the other party to see about selling the house so that we both could share in any profit as it had been empty for almost a year. I would continue making the payments if he would put up the money for the updates as I couldn not afford to do both. I began having problems with the mortgage company appling my payment after 12/2004 as they were sold to another company. I was told they they do not honnor land contracts. Instead of me giving the payment to the seller I made the payments directly to the mortgage company. They were not applying the payment promptly because of the different name on my check verses the seller's mortgage. Therefore this caused late payments. I never once paid the payment over 30 days late although the seller says that there is a 30 day late on his credit. The seller was in the process of refinancing his other home and didn't want any credit issues so he took the payments of the house back over. We made a deal that if the house was to sell that he would still give me a portion. The house was scheduled to close and when I refused to sign the release to the property unless he honored the deal he threatened me that I defaulted on the contract and that he is going to file foreclosure proceding on me. Can he do this and what should be my corse of action?

Thanks, Vhock

[pojo2]

Can he do this and what should be my corse of action?


You both entered into an agreement without permission of the Lender who is exercising their RIGHT not to recognize the sell.

Suggest you seek the service of a Real Estate Atty to go over the contracts, which in hindsight I am sure you wish you had done BEFORE signing this agreement now, and let him/her instruct you what to do next.