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• 1. G

     land contract with balloon payment and extra payments.

     Are you saying that unless I explicitly stated the extra payments go towards the principal, then they are applied towards future payments by default? The minimum payments were for $322 - I send a check of $700 each month with a note saying ex March 2017 land contract pymt. Additionally, I sent...

     • goatmilker
     • Post #3
     • Dec 11, 2018
     • Forum: Other Real Estate Law Questions
  2. G

     land contract with balloon payment and extra payments.

     Michigan - - Hi all - - I have a land contract with as the buyer of a property. The contract is based on 30 year amortization schedule with 5% APR calculated monthly based on remaining principal. I am approaching the end of the contract when a balloon payment of the remaining principle is due. I...

     • goatmilker
     • Thread
     • Dec 11, 2018
     • Replies: 8
     • Forum: Other Real Estate Law Questions