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jaybayox

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  1. I am at the end of a 15yr land contract. One payment and my taxes are whats left. During the years,on my yr end statement the numbers never did seem right. Not being the brightest candle in the window on math...I kinda rode the wave so to speak. During the last few yrs though, I noticed that my interest always stayed about the same as it did in the beginning. especially in this last year,I sould have nearly zero....but it's been nearly the same. when we entered into the contract,it was an agreement that as I made improvements to the land (10+acres)....that for these large money items alot of times I'd pay 2 months at a time.Since there was a clause of 30 days late , that he could foreclose ..we worked on a "handshake" basis. Eventually his daughter took over the finances when he moved to FL...and eventually she had him send out a "post-it note"attached to the yr end statement that there would be late fees anong with interest on them for any late payments....which she went retroactive.....Heres what I have on the contract....DUE ON SALE AND ANTI-ASSIGNMENT CLAUSE :Neither the property hereunder nor any portion thereof or interest therein shall be assigned, sold, transferred, or encumbered, voluntarily or otherwise, without the written consent of the vendor and vendee. Both parties must mutually agree prior to the granting of any consents and partial releases. This due on sale clause shall apply to sales and /or assignments on or by land installment contracts, in addition to all other sales, assignments and encumbrances.. This to me means that unless I agreed in writing to any changes to our contract...that they can't add in late fees/xtra interest.......that all I've owed them is my monthly payments. I have never signed any papers since the original contract. That their sending out a post-it note is not a contract. They are saying I owe nearly $8400 over the 15yr contract..Charging 9.5% interest. In that clause...doesn't "interest therein" being assigned to something I never agreed to. I never acknowledged the memo note, because the Vendor harrassed my neighbor (also on contract) until he moved. This same vendor informed tenants that if they didn't have nearly 10,000 in deductions they couldn't deduct their interest and taxes...to let him know if they didn't that he would use the deductions----their interest , their taxes... Any how that's why I never payed ahead ..the only way i could be sure what the dollar amounts were, was to make the entire monthly payments..
  2. I'm involved in a land contract also. The contract issuer has tried to tell me "how i should live" here. When he had another buyer for my property...he attempted to force me out. Trying to impose restrictions on my use of the property (a 10+ acre farm) I went over the language of the contract..as long as the property itself is improved...there isn't anything in the contract dictating it's use. the issuers only concern is recieving the payments in a timely fashion. have you thought about putting your rental payments into escrow, taking them to small claims court (you'll need photos/professional estimates) .Your problem comes back to still dealing with your contract issuer. They can harass you relentlessly with "inspections"...until you get fed up and move. Here , they did that to my neighbor (also land contract)...they settled on a money amount and he left. you are pretty much in a lose lose situation....if you make waves they'll make you life there miserable....and just replace you as tenants. the contract isssuer here also tried to "bully"residents on the tax issue...sending out a letter saying they had to have an enourmous amount of deductions to even file long form....then volunteered to deduct the "interest" and the taxes because they would be unable..On my property, the tax bill is in both our names...it just comes to me. but i also have the reciepts for the payments. you can call the IRS and ask about the tax question without giving your name....just call..you never know, they may go after them. GOOD LUCK....
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