Help Please-New Here. In current Land Contract (MI) Need advice ...

I will try to keep this brief. My husband and I got married 2003. Both divorced and endured bad credit due to ex-spouses. His spouse let their house go to foreclosure. He paid everything for her for 5 years(per court order) and she was supposed to take over payments after that. She never made 1 payment-thus let the house go to foreclosure. This has affected my husbands/our credit.

Bought new car in 2004...18 year old hit my husband totaled van. The lender then took him to court and wouldn't total out the vehicle and sued and won in civil court. Because of this, our attorney recommended we file chapter 7. Because of the $19,000 car debt that was totaled and we could not pay that and afford another vehicle. Our insurance company didn't help us either-we really got the shaft here!

We also were in a land contract at the time on a newer construction-at the time the Real Estate market was not that bad, but declining rapidly in our area here in Michigan. I might add that I sold Real Estate for 10+ years and got out of the business in 2005. We bought on Land contract the house for little down and in less than 4 years was worth 1/2 the value.

We knew then that we shouldn't go through and finance the land contract. Our attorney told us not to.
Then came an opportunity to buy my husbands family farm that has been in the family for over 100+ years...his Uncle offered in to us and at the time thought it would be a great opportunity...

Our attorney recommended that we file for bankruptcy ch 7. Stay in house for 6 months and not make a payment-to save for the new land contract. We are now in the land contract and we feel that since 2008, the value is not there...we want this really bad,(sentimental) but don't feel the purchase price and land contract we are in is a good idea. We want to know if we can get out of this land contract-or if his Uncle would agree to drop the land contract purchase price. We could buy the same house/acreage for less than 1/2 the price as our land contract.

Can a modification be made to a recorded land contact? Can we get out of it legally? What should we do? Any help advice would be greatly appreciated. Thank you so much!

Source: http://www.loansafe.org/forum/ask-attorneys/59707-help-please-new-here-current-land-contract-mi-need-advice-guidance.html

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