Michigan Land Contract

6 Replies

I need to speak with a person who is knowledgable about notices of default on land contracts in Michigan.  I have some specific questions and if you can help me out,  I'll find a way for it to benefit you.  

Foreclosure, including the notices, is best left to the attorneys IMO.  I think your best bet is to talk directly with a foreclosure attorney practicing in the state.  I will PM you some contacts.

First, I'd take the nice road and explain the consequences of foreclosure (but you won't get a deficiency judgment from an installment contract) and give the borrower a pre printed letter asking you to consider taking a deed-in-lieu-of-foreclosure, if they send it back, you'll save time and money. Cash for keys might help too. The last resort is foreclosure and it will be a judicial matter. Filing old quit claim deeds is basically circumventing foreclosure laws, a matter that is popular with attorneys representing a buyer. Good luck :)

Originally posted by @Mike Mitchell :

I need to speak with a person who is knowledgable about notices of default on land contracts in Michigan.  I have some specific questions and if you can help me out,  I'll find a way for it to benefit you.  

I can answer general questions only. I am not an attorney I sometimes play one. No benefit necessary I'm just paying it forward.

I understand and I appreciate your willingness!  I have sent a notice of default, the buyer was given the prescribed time to perform and he has not.  My question is; what is the next step in MI?  The buyer is unresponsive and I want the contract voided so that I can rent the house or sale it to a higher class of person who will pay his mortgage.  I have contacted several attorneys and they all want a couple of thousand dollars as a retainer.  It's a cheap house and I need to act fast.

If you expect to go to foreclosure hire an attorney as quickly as possible. I had an instance where, even though I sent default notices properly and had proof of doing so, the attorney insisted that he would not proceed without sending the notice of default out again on his template. That cost me another month. 

Originally posted by @Jeff Rabinowitz :

If you expect to go to foreclosure hire an attorney as quickly as possible. I had an instance where, even though I sent default notices properly and had proof of doing so, the attorney insisted that he would not proceed without sending the notice of default out again on his template. That cost me another month. 

So you have to foreclosure on a land contract... what about rent to own or lease to buy?

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