A Land Contract Gone Bad

[headset]

What is the name of your state (only U.S. law)? Ohio. Bought a house with a Land Contract. We paid the couple we bought the house from. Jan thru Aug this year but they did not make the mortgage payments and it foreclosed. Found out this is the 3rd time foreclosure was filed, couple got it dismissed the 1st two times. This time court granted judgement right away. Auction sale scheduled. We are moving. We paid $1,000 deposit. Agreement had $100 a month going towards down payment when we got our own mortgage. What is the best way to make the couple pay? We would like the deposit back and maybe some of the down payment money or equity or moving costs or something. Small claims can go to $3,000. Could we do the deposit and a couple grand of the $100 a month that was to be part of our down payment. Is it worth filing suit out of small claims? We lived there over three years. Any advice appreciated.

 

[JETX]

We paid $1,000 deposit. Agreement had $100 a month going towards down payment when we got our own mortgage. What is the best way to make the couple pay?

There is no 'best way'.
You can whine, cry and hold your breath, but that probably won't work.
You can file a lawsuit against them, but they could file for bankruptcy and have the suit dismissed.
You can send 'Cousin Vito' to visit them and pop a few kneecaps.... but you could face criminal charges.

Small claims can go to $3,000. Could we do the deposit and a couple grand of the $100 a month that was to be part of our down payment.

You could file for your TOTAL damages, up to the limit of the court.

Is it worth filing suit out of small claims?

No one can answer that either. Start with 'Do they have any non-exempt assets to pursue if you were to get a judgment?'.

 

[HomeGuru]

Way to go JETX.


signed,

Cousin Vito