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I signed into a 5 year land contract with a 15 grand balloon payment. April 2022 was supposed to be my payoff year. I was not able to get 15 grand. So I paid my normal monthly payments up till now as of 2/1/23. I owe less than 9 grand. I would like to send that to the seller. But she is not agreeing. She wants me to sign another contract for 2 more years with another 11 grand balloon payment. I do not wish to do this. Please help what can I do?
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Technically, when you did not pay per the Land Contract Agreement, you were in Default.
The Agreement determines what the remedies are on the sale.
You might be well served getting legal help- interpreting the agreement and seeing if the seller breached the agreement first.
If you are confident enough, negotiate, send a counter-proposal to the seller say for one year with a $5000 balloon. Sometimes, when it comes from a lawyer it sounds better.
Answered on Feb 21st, 2023 at 9:20 PM