Legal Question in Real Estate Law in Wisconsin
land contract on a default property
i am 4 payments behind on my mortgage and i did a land contract with this guy that hasnt been recorded yet. i just found out that my mortgage company says that for my situation i am not permitted to do a land contract. now the guy wont void the contract so what can he do with the contract? can he take my house?
1 Answer from Attorneys
Re: land contract on a default property
You really need to clarify this one.
Do you have a separate mortgage on this property and a "land contract" with "this guy"?
Usually a land contract is a way for the current owner of a property to finance a new buyer.
So, do you owed "this guy" payments each month for the house, or do you owe the mortgage company for the house?
Also, who's payments are you behind to.
Clarify your question a bit and we may be able to give you a better idea, but honestly this is a situation you should certainly bring to an attorney to advise you on.
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