If I’m in the process of securing a mortgage to pay off a land contract, do I need to continue to make land contract payments while waiting to close on the mortgage?
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If I’m in the process of securing a mortgage to pay off a land contract, do I need to continue to make land contract payments while waiting to close on the mortgage?
I gave the final payoff amount to the bank.
Asked on August 13, 2012 under Real Estate Law, Michigan
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Yes, you need to continue to keep current on your contract or you will be in breach, unless the other party agrees in writing to do otherwise and wait for the money from the mortgage, which I doubt. Any money that is left over you will receive back. Just keep very good records here. Good luck.
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