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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 33791
Experience:  15 years real estate, Realtor. Landlord 26 years
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I currently have a land contract in my name. The contract has

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I currently have a land contract in my name. The contract has now expired and the balloon payment is due. The home went through the title company at the signing of the land contract in my name. Me and my boyfriend bought the house together. He was not available to come to the signing so it was in my name only. We have approximately $25,000 of equity in the home. The seller wants the balloon payment now. My boyfriend is qualified to obtain a mortgage and I am not. We also do not have the money to pay the balloon payment by getting a mortgage as a purchase due to the closing cost down payment and fees. Is there anyway that a refinance can be done in his name without losing the equity in the home
Submitted: 7 months ago.
Category: Real Estate Law
Expert:  Barrister replied 7 months ago.
Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.. Is there anyway that a refinance can be done in his name without losing the equity in the home.If boyfriend is able to get a mortgage, then you could assign half your interest in the property to him in a contract you draw up and then he would be able to go to the bank with you and apply for the mortgage to pay off the land contract and have the property transferred to both your names..The issue is that if you don't pay off the balloon payment as agreed, you stand a chance of losing the house and whatever you have put into it if the land contract has a forfeiture clause. Under MI law, if the seller serves you with a Forfeiture Notice, (Form DC 101), then you have 15 days to come up with the money or the court can order all payments forfeited and legal possession returned to the seller...thanksBarrister

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