Land Contract/Foreclosure

05-21-2009, 11:43 AM

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Join Date: May 2009

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Land Contract/Foreclosure

What is the name of your state (only U.S. law)? Michigan

I owned a condo and sold it via a land contract in September. The new "owner" is asking me to release him from the contract due to his financial situation. If he stops paying, I won't be able to make the mortgage payment any longer, so I assume foreclosure is the only option. My concern is what the bank's recourse would be? Can they garnish my wages or would I be in jeopardy of losing my current house? Any advice is much appreciated!

Note: The current property value is approximately 35% less than the mortgage amount on it and the condo association will not let me rent it out.What is the name of your state (only U.S. law)?

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