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Albert Marmero
Albert Marmero,
Category: Real Estate Law
Satisfied Customers: 195
Experience:  Partner at Long, Marmero, & Associates, LLP
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I signed a land contract in Nov. of 2010 . I couldn't make

Customer Question

I signed a land contract in Nov. of 2010 . I couldn't make payments like promised. Made approximately 50 out of 60 payments but in 2015 I defaulted on the loan because of this. I received a letter from owner I have ten days upon receipt of letter to pay balance I owe or he will sell as a foreclosure. There is no way I can get a loan for that amount with no down payment. Owner originally was going to give 10,000 for down payment for 5 years worth of equity. Can he get out of that because I defaulted on contract.
Submitted: 12 months ago.
Category: Real Estate Law
Expert:  Albert Marmero replied 12 months ago.

Well lets focus on the foreclosure first? Does your agreement with him contain a "power of sale" clause where you pre-authorize him to take the property if you default? If not, then he needs to go to court to foreclose and it will take some time.

As to the down payment he promised, unless this is in writing somewhere, it is not enforceable. If it is in writing, he may be able to get out of it due to the default, but I would need to review the contract. Can you upload it?

I hope this is helpful. If so, please provide a rating so I receive credit for responding to you. Also, feel free to ask follow up questions. Thanks!