Legal Question in Credit and Debt Law in Indiana
We sold a house on land contract in Feb. According to the terms of the contract, the buyers were required to pay a $5000.00 balloon payment by Aug. 28th of this year. They have not paid it as of this date. Also, we have received notice from their homeowners ins. company that their policy was canceled for the second time due to insufficient funds in their bank account. Can we take the property back and call the contract in default?
Asked on 10/28/14, 5:30 am
1 Answer from Attorneys
Kenneth Wilk
Rubino Ruman Crosmer & Polen
Most likely you can. But you have to start legal court proceedings to enforce the contract.
Answered on 10/29/14, 12:21 pm
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