Re: Ohio Land Contract Foreclosures, help please
Posted by Jim V on June 24, 2003 at 00:44:05:
In Reply to: Ohio Land Contract Foreclosures, help please 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.
Land contracts will usually leave title vested with the seller until such a time as the buyer completes the terms of the contract. The contract should have terms regarding what happens in the case of buyer default. As a first step, I'd look at the contract and see what it spells out.
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Comments:: : 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.: Land contracts will usually leave title vested with the seller until such a time as the buyer completes the terms of the contract. The contract should have terms regarding what happens in the case of buyer default. As a first step, I'd look at the contract and see what it spells out. Optional Link URL : Link Title :
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