I signed a land contract with a couple. Their mortgage runs up in January 2009, and they had a balloon mortgage. I signed the contract with intent to purchase, stating that I would finance and purchase the house by then. I didn't have to pay a down payment, I have simply been paying their mortgage payment. The mortgage is still in their name, but the land contract was filed at the bank that their mortgage is held. Since signing the contract, I have become engaged, and my future husband has no interest in living in the house. I'd like to break the contract. I have no idea of any legal ramifications. I have noticed that it wouldn't pass an inspection. I have also noticed mold growing in the house. I talked to the sellers, one of them actually said, "No, this house would never pass an inspection" My belief is that the bank will "fudge" anything so I can get a loan. One of the sellers actually works at the bank that holds the mortgage, as a loan officer. I can't and don't want this house.
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