The worst victimI have seen thus far of a foreclosure was last fall. I called the Realtor for access and he said he had the key in the office. I went out and the home was immaculate. In speaking to the Realtor upon returning the key, he told me the owners turned the key over to him. They had bought the home via land contract 2 years prior and diligently made their payments as they also continued to upgrade the home and property. Unfortunately, to their surprise, the land contract holder was not making the payments to his lender. With the collapse of subprime lending last year, they had no options available which is why they had bought land contract. Since all the notices went to the owner, they never say it coming.
Lesson here for anyone purchasing property via land contract.
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