Profile picture for JoeTatone

i bought my house on a land contract the seller of this house stopped paying the loan & lost it

it's now been lost to foreclosures other houses in the aria have sold for 10k & i broke my back so i dont wanna move how will this affect me buying this house from the bank i think they should just give it to me haha i have put a new fernase & a/c i have about 20k in eqwety & $5,000 cash & can i put a lean on this house if they make me move i feel like i fixed up someone elsis house 
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March 19 2011 - Warren
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Answers (6)

Best Answer
There is a lot that can go into this depending on what the mortgage paperwork said, and what the land contract said. Try to get a free consultation with an attorney to see what they suggest, and also call a title company to see if they can provide any help or guidance.
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March 20 2011
Time to lawyer up!  If the bank bought the property back your time in that house maybe very limited.  Get an attorney to protect your interests and to negotiate for you with the bank.
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March 25 2011
So do you have any idea what the house sold for in the sheriff sale? If you give me the address I might be able to at least help you find out. If it sold for $10k in the sheriff sale and you are in a position to pay it off you could likely keep the house. If you contact me I can break it down. How long have you been in your LC what was the original sales price? How much did you put down?
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March 25 2011
Profile picture for wetdawgs
Excellent thing to discuss with your lawyer.   I suspect you did fix up someone else's house.   I'd go after the previous owner in court.
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March 20 2011

the loan on the home pre-dates your contract, so there is likely nothing you cna do to change the foreclosure.

You probably have a claim against the person who sold it to you.

Everyday, naive agents on zillow and elsewhere reccoment rent with option or land contracts, but your example is one of the many reasons i am against them.

Seek legal advice, but unless the seller you have a contract with has some assets, you are in a rough place.

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March 20 2011
Profile picture for the_country_hick
Answer unknown. I would surely talk to a lawyer about this. I suspect you could place a lien on the place. But you need someone with legal expertise to say for sure.
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March 20 2011
 
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