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TOPIC: land contract question
#6132
remy ()
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land contract question 3 Years, 7 Months ago Karma: 0  
I signed a land contract for onr year w/ the idea that after a year my credit would be repaired enough to finance the home in my name. not the case. the owner of the home got all the credit and my score is still the same. what was I suppose to do differently? now he want me to find someone to put the home in their name because he wants out or i have to leave. do I have any recourse? how can I make a deal with him in which i can benefit also?
 
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#6133
Moe ()
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Re:land contract question 3 Years, 7 Months ago Karma: 1  
Hello Remy,
Its nice to see someone out there, most of the time its like the current market, all seems to be dead!!!! Ha ha
Anyway, which state are you in? How was the contract constructed? As it has been a year, maybe you will be better off, since value has declined. Well depends how much you invested in it?
This forum is really dead most of the time, could be all are busy making money or not getting enough help here. Anyway, if I am gone by the time you reply, you may email me at pdamf@sbcglobal.net
 
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Last Edit: 2008/10/16 06:11 By pdamf@sbcglobal.net.
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#6136
adminchat ()
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Re:land contract question 3 Years, 7 Months ago Karma: 2  
In a land contract, the seller doesn't usually report your payments to a credit reporting firm. I would think that unless a formal mortgage note was signed at the closing table, or a memorandum of agreement was recorded at the recorders office, no one really knows about the land contract agreement between you and the owner. Is that the case?
During the year that you were under contract, what other/additional steps did you take to improve your credit? Were you able to dispute any inconsistencies/errors on your credit report? Pay any debt off? That is the stuff that will make your credit score go up.
It sounds like you already asked the seller if he would be interested in extending the land contract for another year. Have you asked him why he needs out? I'm guessing its the cash. If there is enough equity in the property, and his credit is good, perhaps he would consider refinancing the property and pulling some cash out, then extending your contract. That way, he could get his cash and still honor your agreement.
Or, perhaps you could find a co-signer for a loan?
Just some ideas.
 
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