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House in Foreclosure

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avecmoi104

Junior Member
What is the name of your state? Virginia

An Installment Land Sales Contracct was signed, with the help of a Real Estate Office b/w a buyer and seller. The buyer signed the agreement that stated the

Payments of Existing Note:
"purchaser agrees to make the montly payments required herein to the Lender no later than the 15th of each month. Purchaser shall pay a late charge equal to 10% of any monthly installment received by the seller after the seventh day of the month." would live in and pay the monthly mortgage, for said property, for two years after which, the buyer would

Possession Date:
On and after the possession date and so long as purchaser is not in defualt hereuner, unless other wise agreeed in writing, the purchaser shall be entitled to full possission.... All expenses referred to herein must have been executed, acknowledged (as required) and delivered to the settlement attorney. It is agreed the possession date shall be May 13, 1999 and that the property will be occupied by the purchaser. Purchaser may not rent property.

THe purchaser did not make the payments for 13 months and now, we were not notified that the payments were deliquent until we received a notice that the property was in foreclosure.

We are taking the the purchaser to court for non-performance of contract and suing for $15k however, since my credit report has been hit with this forclosure I have been unsuccessful in securing a loan to refiance. I'm in the military and hope that the Soliders and Sailors Act will help me but I'm at my wits end.

The lender has been unhelful and the property goes up for sale next month.

ANy suggestions?
 


HomeGuru

Senior Member
You got screwed by the real estate office that facilitated the deal.
On a land sales contract, the Buyer should never be allowed to pay the Seller's mortgage payment direclty. The monthly payment should be paid directly to the Seller or a designated escrow/collection account.
That way, you would know about the Buyer's default in the very first month of no payment.
Were you not getting the late payment, demand and foreclosure notices from your mortgage lender?
Hire an attorney immediately.
 

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