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Land Contract Foreclosure

Discussion in 'Foreclosure, Repossession, Auctions, Short Sales' started by alaskalake, Jan 15, 2005.

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  1. alaskalake

    alaskalake Law Topic Starter New Member

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    I am in default of a land contract and would like to know if the owner forecloses how long would I have to move out? I know I am in the wrong and am currently working with a mortgage company to see if I can get a loan to pay the balance of the contract instead of loosing everything. The three year contract is up in August of this year, but I would like to pay him before if I can.

    I have been making $1250.00 payments for over 24 months (including a $9,000.00 down-payment) and keeping up costly insurance (over $4,000.00 per year.) As part of the contract I have had both buildings professionally painted and installed a brand new energy efficient natural gas furnace (and removed the old, leaky, fuel oil boiler.)

    I am behind on property taxes and two payments right now.

    Would I have at least 30 days to "get out" if he forecloses? Or would it be more like 5-7 days. I know I am in the wrong, but I just want to know how long I would have to find another place to live if I cannot get the money to pay him.

    Thank you...
     
  2. swmark

    swmark New Member

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    most likely you will have more than 30 days

    depending on your state law, you should have a lot more time than you think. chances are that they will have to file a law suit and you may even have a chance to petition the judge for more time.
     

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