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Posted by Ben on June 23, 2003 at 10:57:29:
Someone I know is currently selling their house out to a family member on a land contract. The seller paid for the house 100% and it is solely in her name. In their contract they stated that that aside from the monthly payments, the buyers would agree to pay a annual sum of $1000 along with the monthly payments of $600.
Well the buyers have been late numerous times with the monthly payments but are currently up to date on those. They are behind $1500 on the annual payments since March of 2002. The seller has sent a 30 day notice for the buyer to get current with the annual payments or the seller will commence with foreclosure proceedings.
My questions are: The seller has a right to foreclose since the amount owed is about 16 months over due right? Does the seller "have" to have a lawyer or can/should she represent herself? Will the courts force the house to be auctioned off or is it possible the seller could retain ownership the house?
Thanks in advance, any questions that can be answered would be helpful and appreciated.
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