Legal Question in Real Estate Law in Michigan

Our land contract vendor is in bankruptcy

We have purchased a condo on land contract and now the person we bought from is now in bankruptcy. The value of the condo has dropped dramatically and we cannot refinance or sell. We don't know what is going to happen as the person we bought from is not giving any information. This entire situation has been a disaster and we would like nothing more than to get out of this situation and get back to apartment life. We also don't know if we should be sending the payments to the person we bought from or if we should hold it in escrow. The question is how can we get out of the land contract if possible and what to do with our payments until we figure something out?


Asked on 7/17/09, 2:02 pm

1 Answer from Attorneys
Timothy Klisz Klisz Law Office, PLLC

Re: Our land contract vendor is in bankruptcy

Is the seller the title holder or are they also making payments on a preexisting LC or a mortgage. That would be first question. Visit www.kliszlaw.com to discuss. Tim Klisz

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Answered on 7/17/09, 2:06 pm


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