All Forum Posts by: Mike Mitchell

Hi Jamie,  Good to hear from you!

The premise here is that we the investors become the unpaid collection agents for the county and we are caught in the middle.  In other places it works fine to have the counties collect the tax or take the property through a tax sale.  In this case, I have no power to make the buyer pay the tax.  They have fulfilled the contract with me.

Thanks for your thoughts Andy and Chris.  So yes, the question becomes what is the worst thing that can happen to my company?  We've done everything correctly, the payer wouldn't pay the taxes and here we are!

A buyer recently paid off her contract for deed which was held by me. She cannot/has not recorded the deed due to the fact that  property taxes are owed by her and in Genesee County, property cannot be conveyed if property taxes are owed.  I want the property out of my company's name.   The county continues to send tax notices and threats to me.   I promise that I'll never do business in MI again, but what can be done to fix this or do I forget about it and rest well?

Sometimes you look at events and say "is it bad or is it good".  In this case the buyers declared bankruptcy and I've been getting payments on time for 3 years!

I understand and I appreciate your willingness!  I have sent a notice of default, the buyer was given the prescribed time to perform and he has not.  My question is; what is the next step in MI?  The buyer is unresponsive and I want the contract voided so that I can rent the house or sale it to a higher class of person who will pay his mortgage.  I have contacted several attorneys and they all want a couple of thousand dollars as a retainer.  It's a cheap house and I need to act fast.

I need to speak with a person who is knowledgable about notices of default on land contracts in Michigan.  I have some specific questions and if you can help me out,  I'll find a way for it to benefit you.  

If you have worked with an attorney in or near Flint who understands real estate and Land Contracts please let me know.

Mike Mitchell

806-928-1705

Shera, 

 A note buyer looks for down payment amount, buyer's ability to repay, value of collateral and payment record.  Your interest rate is probably too low.  Check prevailing rates by local investors/originators.  A person buying a house in that price range is only concerned about monthly payment so get them as high as the person can reasonably afford so that the amortization time is lessened thus enhancing the resale price for you note.  Good Luck!

Does anyone have experience using The Loan Office or The Mortgage Office. I did a search a while back and several people were being sued by that company for allegedly accessing their accounts from computers which weren't their home base computers.  Today I can't find any of those complaints on the internet.