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foreclosure on land contract

Discussion in 'Foreclosure, Repossession, Auctions, Short Sales' started by hanatal, Sep 15, 2008.

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  1. hanatal

    hanatal Law Topic Starter New Member

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    Hi,
    About 4 years ago my husband and I purchased some rentals from another investor on a land contract. These properties are not performing well for various reasons and they are drainging our other real estate investments. We have paid and additional 883.00 per month in addition to our 2450.00 land contract payment. We are doing this because it was a no money down deal. I have tried to sell them but the market in Michigan is horrible. I talked to the contract owner and told him that we would just like to cut our losses and give the properties back. He told us we had signed for them personally so that giving them back was not an option. He stated he did not want to be a landlord again. (He retired). I do not want these properties to be a continual drain on my family. We were behind in taxes so he agreed to get them caught up by using the additional 883. Even with him using the 883. per month towards taxes we still can not seem to make it with these properties. My question is if we give the properties back, or force him to foreclose can he put liens on our personal property or other real estate and businesses? We have another land contract with him that we wish to keep and I by no means want to ruin our relationship with him but I need to put a band aide on this mess. What do you suggest?
     
  2. hanatal

    hanatal Law Topic Starter New Member

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