Legal Questions and Answers

Get free proposals from vetted lawyers in our marketplace.

GET FREE PROPOSALS
No upfront payment required. Pay only if you hire.

Real Estate

Real Estate Contract

New York

Asked on Dec 25, 2021

Can you purchase or refinance under a land contract?

I’ve been living here for 2 years. Currently have been working with my credit union and they are having a terrible time trying to understand the legalities of my land contract first off, and secondly they just don’t seem to know what they are doing. It’s been over 8 months, 4 different loan officers and I’m once again waiting for someone else to help finish this thing out. It’s only $60,000 with a $120,000 appraisal. So, as of now I am stuck paying 2.5x monthly under this land contract than I was promised would be an easy mortgage process. So any guidance in the right direction would be very helpful. It’s a New York home. 20 yr fixed, no balloon, with a (brace yourself) 12% apr. HELP ME PLEASE! One month I’m being told to authorize a credit check for a first time homebuyer grant method of mortgaging this property. The next it’s authorizing it for a refinance. I do have earnest money deposits for over $3,000 and another $3000 paid towards principal under this land contract also.

1 Attorney answer

Answer

Real Estate

New York

Answered 260 days ago

Jane C.

ContractsCounsel verified

Business Lawyer
Licensed in Connecticut, District of Columbia, New York
Free Consultation

I suggest you speak with a New York real estate attorney. That attorney needs to review the documents related to the transaction.

Meet some lawyers on our platform

Scott S.

12 projects on CC
View Profile

Anand A.

10 projects on CC
View Profile

John P.

7 projects on CC
View Profile

Donya G.

58 projects on CC
View Profile