How to stop the bank from forclosing on my mortgage because I land contracted the home?
Last summer I land contracted my home because I was behind on the morgage due to my husband who is self employed was seriosly injured.. I also am self employed. THe bank started forclosure because I was no longer living in my home. I live with my terminally ill mother. THe bank went behind my back to the renters and offered to sell them my home for k less than what they agreed to buy the home from me via the land contract. The bank had them make the last 2 months paym,ents to them not me and now I am behind again on the mortgage. Sooo I am in forclosure, jobless, going to lose my business and my mother. I am in hell. Can someone tell me what to do. Please I need help!!
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Read your mortgage contract. Virtually all of them have a Due on Sale clause. Since you sold the home without their permission and approval, they are fully within their rights to demand payment in full on the loan and to foreclose if you do not pay in full immediately.
Unfortunately you have backed yourself into a corner that you probably cannot extricate yourself from. You are legally bound to the person with whom you executed the land contract, yet you are also bound to the lender by your mortgage contract. To make things worse, you nearly certainly won’t be able to deliver clear title to the buyer at the agreed price in the land contract since the foreclosure will cancel your right to confer title to anyone.
I’m willing to wager that you never consulted with an attorney before you executed the land contract. If you had, he or she would have pointed these issues out to you. At this point it’s unlikely that an attorney can help you un-ring this bell but at least they can clarify where you sit once they review all of the contracts.