Q: I found out the lady I’m buying a house from on land contract has two mortgages on the house and now owes more than I do
She has been trying to get me to move out every since my husband passed. She wants me to sighn a new contract that is more money and higher payments because the contract is expired
A:
Something sounds fishy here. Land contracts don't typically 'expire' -- they mature at some point and you get a deed when the payments are all made.
I STRONGLY urge you to consult with a licensed local attorney familiar with real estate law! SOMETHING doesn't ring true here. Typically, banks won't loan money on houses with an underlying land contract absent some PRETTY stringent underwriting conditions, including the amount of equity the legal owner has vs the equity the equitable owner has so ... this seems odd. Was the land contract or a memo of land contract recorded with the county register of deeds? Do YOU have a copy of the signed document that you can take to be reviewed / recorded if that is appropriate?
Without seeing the documents it is hard to provide any useful advice, but you need to get that done by a local attorney ASAP.
Good luck!
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