Legal Question in Real Estate Law in Kentucky
Land contract buyer lose home if mortgage holder doesn't pay on their end???
The person we bought a home from on land contract is trying to muscle us into buying other things from them, such as blinds left in the house, the property survey they already have, etc. The say that they have to do this to recover costs they lost by selling to us on contract. If we aren't able to help them recover costs, they'll go broke (they say), and we'll ''all end up losing our homes''.
What kind of recourse do we have? We have kept our end of the contract, such as mortgage payments, home insurance, upkeep of property, home taxes, etc. Can they suddenly make us homeless?
Thank you.
1 Answer from Attorneys
Re: Land contract buyer lose home if mortgage holder doesn't pay on their end???
I do not know all of the facts surrounding your transaction and may not be able to give you a complete answer and for that, you should consult a local attorney who is familiar with property law. All that being said, your written contract competely governs the deal between you and the sellers. To protect yourself, and depending upon your contract, you probably can make the mortgage payments directly to the mortgage holder. Again, you should consult local counsel to prepare you for this. It sounds like your seller is trying to "hold" you up. There are ways to protect yourself. You may even find it better to finance a direct purchase by arranging your own mortgage loan. I can only make suggestions here and your best help (and probably the cheapest) is to , again, consult local counsel who can prepare you to protect yourself. You have too much at risk here to take a chance.
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