QUESTION
How much do you have to be behind in payment in land contract before action can be taken?
Asked on Jan 09th, 2015 on Foreclosures - New York
4 ANSWERS
Business Bankruptcy Attorney serving Raleigh, NC
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J.M. Cook, P.A.
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Whatever the terms of default are under the contract. There is no set time by law.
Answered on Jan 13th, 2015 at 2:01 AM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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This may depend on the precise language of the land contract. You can generally assume that you are in default if a payment is more than 30 days late unless the contract states otherwise. Because the land-contract Vendor has lots of rights, it is important to work out any difficulties with him or here.g. an arrangement to catch up with specific additional payments at given date sand then to be absolutely certain you make all the payments as agreed.
Answered on Jan 13th, 2015 at 1:52 AM
Real Estate Attorney serving Florence, KY
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Linda S. Novakov & Associates, PLLC
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The terms in the land contract should define what constitutes a default.
Answered on Jan 13th, 2015 at 1:39 AM
Business Law Attorney serving White Plains, NY
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There are typically a number of factors which may affect when a bank takes action. But, it could follow just a couple months of non-payment.
Answered on Jan 12th, 2015 at 11:44 AM