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im buying a home on land contract , how do i find out if the payments are being made on the property

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August 20 2010 - Dayton
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I would only purchase on a land contract with an underline loan if it was agreed by both me and the seller that all loan payments would be deposited into some type of bank account, indvidual or joint, in order to automatically pay the mortgage payments directly to the lender each month. I would never depend on a seller to continue to make the payments. See if you can set up some type of bank account, title company (as suggested by Roberto Ribas) or other third party payment options to limit your risk.

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August 20 2010
you could check the county records each month, to see if the home is going into foreclosure. Unfortunately, their could be many months delay before a notice is filed, if the owner quit paying.

If your payment is sufficient to cover the mortgage, you could structure your purchase such that you pay the money to a title company, who cuts a check direct to the lienholder.

Let me reiterate however, for any others reading this, that buying in a land contract in a generally declining real estate market is a very foolish idea. Save your money, fix your credit and buy a home normally in the future, without all the risks of a land contract.
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August 20 2010
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August 20 2010
 
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