I live in mobile home in Mi. dont own it, owner typed land contract, property bank owned, can I get out of it?

Question

I have lived in it for 9 months, we have been making payments to the owner but the mobile home is bank owned and the bank does not know I am living in it, what happens if I walk away, the owner typed up a paper that says we are making payments on the home, if I leave will anything happen to me?

Answer 1

Oh YES !! You signed a legal document to make payments for the home ....

IF you attempt to walk away; he CAN sue you and get a judgement against you for the remainder due on the home .

The judgement will follow you if you try to buy a car or another home ect ..... until it is paid off .

you could SELL the home to someone else ???

Answer 2

If your agreement is written like most

land contracts, there is NO recourse against you;

the land contract is simply an opportunity

for you to obtain the trailer in the future

at a fixed price, with part of your monthly

payments going towards its principle/

equity.