My daughter bought a home on land contract. She paid religiously for two years but noticed the neighborhood was really declining and the property almost lost half of its value since the inception of the contract, (She paid 72,500 for the house in Jan 2013 and its now valued at 44,500). Knowing she would never be able to get a conventional loan since the value of the home was far less than what she owed, I reached out on AVVO for some quick advice ( she was just going to finish the land contract out and not seek additional financing) . I heard from several attorneys, most of which said she would be sued hugely. They said the home would be sold as a sheriff sale and what monies were owed after that on the remainder of the contract, she would be responsible for and consequently, sued for!!! I was panicked, as she is 23 years old and put all of her savings down on the home. Mr Ott reached out to me, citing an old Land Contract Law which could apply. I met with him that week. He was knowledgable , throrough and kept my emotions in tact saying this sectionaed law could apply. He was so eloquent when trying to negotiate the terms on which to opt out.
What I have learned from this is......................dont ever sign a contract without an attorney reviewing it! Mr. Ott said that we should have put a stipulation in the land contract that she would refinance only if the market value of the home was worth the owed price. Mr. Ott negotiated a cancellation of land contract professionally and with minimal monies needed by my daughter. He was upfront about legal costs and billed accordingly and more than fairly.
If you need an attorney, hire him!!!!