Press

Land contracts trip up would-be Detroit homeowners

Land contracts given to eager Detroit home buyers often involve ramshackle houses purchased from tax foreclosure auctions and contracts that are “written to fail,” contends Joon Sung, deputy chief counsel of Michigan Legal Aid and Defender Association, a nonprofit that represents the needy in court. Source: Land contracts trip up would-be Detroit homeowners

Cincinnati Sues Seller of Foreclosed Homes, Claiming Predatory Behavior – The New York Times

Harbour sold its homes through an arrangement similar to an installment payment plan, with a high-interest, long-term loan called a contract for deed, or land contract. But what begins as a dream of homeownership for many residents can end quickly when a payment is missed and the buyer is swiftly evicted. Source: Cincinnati Sues Seller of Foreclosed Homes, Claiming Predatory …