Q: I'm paying my land contract off and they say I missed 4 pymts and extended my contract 4 months longer can they do that?
Original sellers passed away and the person is seeing hand written notes saying I missed 4 pymts. can changes be made like that without a new contract or signatures? Original contract ends in April they changed it to August but I'm paying it off early
A:
That isn't a 'change'. If you didn't make the payments they are entitled to the payments that were not made and it appears they are offering to do so with no 'interest penalty' which I'm sure the contract provides for ... you're probably coming out ahead. IF (I hasten to add!) you really did miss 4 payments!
DID you make the payments and the original seller just neglected to note that fact? Then you need to provide proof (canceled checks are best but there are other proofs too....) that you did make those 'missing' payments or you're paying more than originally agreed -- and that WOULD be a change.
A: If you missed the payments, would you rather that the LC seller call your land contract due and start a forfeiture, or have them extend out the land contract for the additonal 4 months to allow you to pay on the contract as initially anticipated? Depending on the provisions in the land contract, you can also go and obtain financing to pay off the remaining balance due at any time before additional months expire, but the payoff will likely include the unpaid payments in the payoff. See www.provenresource.com for more information.
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