Upcoming Foreclosures

Question about foreclosure process in Michigan? has anyone recently done a foreclosure in Michigan? If so what did the process consist of, how long did it take, and what where the repercussions afterwards. I no longer live in the home and can no longer afford to keep it.

My girlfriend is a single mother and desperately needs to know the current michigan foreclosure laws? thanks!? My girlfriends' home is nearly in the foreclosure process and she's wondering how long she can legally stay in her home before she really ACTUALLY MUST vacate her home if it's bought through foreclosure auction. Any other legal advice may prove helpful in her situation. Thanks and good luck to you! :)

How long did your SE Michigan foreclosure take? Please only answer if you have gone through the process. Don't tell me how long it usually takes, I want to know how long it actually took. How long did you have in the house before the sheriff sale? I know you have 6 months after the sale, but how long did it take before you were actually scheduled for the sheriff sale? Thanks!

Spouse in Foreclosure - Michigan? My spouse purchased a home in Michigan before we met/married so I am not on the mortgage or the deed. We rented the house for about a year but have not had success renting it again. We listed the house for sale and are currently working with a Realtor on a short-sale. Her lender has started the foreclosure process, even though they have had a short-sale offer on the table for the past 5 months. After we met (but before we married) I also purchased a home in Michigan. I purchased the home on my own credit and I am the only person on the mortgage. My spouse did "gift" me a small sum of money for the down-payment, but her name is not on the deed or the mortgage. As I understand it, her lender cannot come after my assets or my credit if her house does end up being foreclosed on. Is this true even with the fact that she gifted me a small amount of money for the down-payment? Additionally, it gets confusing to me when I start hearing about joint assets due to marriage. What can her lender consider joint assets and go after? If I leave her name off my bank accounts, etc, will that protect me from any future judgements? If I do buy another house in the future, even if I do it completely in my name, can this be considered joint assets that her lender can go after (since we are now married)? Is there a period of time where her lender can no-longer sue for money that they do not fully reclaim for a foreclosure sale? Are there any steps I need to take to make sure I am protected? Thank you

What are the steps to foreclosure in Michigan (Detroit area)? Unfortunately I've run into some problems with my house. My job has recently cut my hours tremendously, to the point where I can't make my monthly payments. I cant sell the house, because my mortgage was more than the house is worth. I might have to face foreclosure or a short sale. What is the process to both, and where can go from here? Thanks

Short sale and foreclosure process. Me and my fiance put in an offer on a house that was in the short sale process. However, the bank waited more than a month to do anything with our offer. In the meantime, the house went into foreclosure and now we have resubmit an offer and go through the whole process again. Why do banks do this? Is this legal. I am from the state of the Michigan. Thanks in advance.

Michigan Foreclosure Questions... Please help!? I am going to be going into foreclosure and have a few questions for you all. I have a second mortgage on the property. When the house sells at sheriffs sale, there is no way it will sell for even the amount of the first mortgage. What happens with the second mortgage? Do I have to leave all the appliances? We replaced every single appliance in the house when we moved in. Do we have leave all the new ones? How long does the process usually take?

what does it mean exactly if my house went to foreclosure but was instead charged off? my house went into foreclosure and after about 6 months of non payments and letters they're now telling me that the mortgage company charged off the account. I'm trying to figure out what that means exactly. Who owns the house now as I have walked away from it. What is the difference from a charge off and the home actually going into foreclosure? What is the next step in the process. Any help with this would be greatly appreciated. I live in Michigan if that helps.

What does this article mean please sumamrize for me (U.S. Homes Lost to Foreclosure Up 25 Percent)? U.S. Homes Lost to Foreclosure Up 25 Percent LOS ANGELES -- Lenders took back more homes in August than in any month since the start of the U.S. mortgage crisis. The increase in home repossessions came even as the number of properties entering the foreclosure process slowed for the seventh month in a row, foreclosure listing firm RealtyTrac Inc. said Thursday. In all, banks repossessed 95,364 properties last month, up 3 percent from July and an increase of 25 percent from August 2009, RealtyTrac said. August makes the ninth month in a row that the pace of homes lost to foreclosure has increased on an annual basis. The previous high was in May. Banks have been stepping up repossessions to clear out their backlog of bad loans with an eye on eventually placing the foreclosed properties on the market, but they can't afford to simply dump the properties on the market. Concerns are growing that the housing market recovery could stumble amid stubbornly high unemployment, a sluggish economy and faltering consumer confidence. U.S. home sales have collapsed since federal homebuyer tax credits expired in April. That's one reason fewer than one-third of homes repossessed by lenders are on the market, said Rick Sharga, a senior vice president at RealtyTrac. "These (properties) are going to come to market, but very slowly because nobody wants to overwhelm a soft buyer's market with too much distressed inventory for fear of what it would do for house prices," he said. As a result, lenders are putting off initiating the foreclosure process on homeowners who have missed payments, letting borrowers stay in their homes longer. The number of properties receiving an initial default notice -- the first step in the foreclosure process -- slipped 1 percent last month from July, but was down 30 percent versus August last year, RealtyTrac said. Initial defaults have fallen on an annual basis the past seven months. They peaked in April 2009. Still, the number of homes scheduled to be sold at auction for the first time increased 9 percent from July and rose 2 percent from August last year. If they don't sell at auction, these homes typically end up going back to the lender. More than 2.3 million homes have been repossessed by lenders since the recession began in December 2007, according to RealtyTrac. The firm estimates more than 1 million American households are likely to lose their homes to foreclosure this year. In all, 338,836 properties received a foreclosure-related warning in August, up 4 percent from July, but down 5 percent from the same month last year, RealtyTrac said. That translates to one in 381 U.S. homes. The firm tracks notices for defaults, scheduled home auctions and home repossessions -- warnings that can lead up to a home eventually being lost to foreclosure. Among states, Nevada posted the highest foreclosure rate last month, with one in every 84 households receiving a foreclosure notice. That's 4.5 times the national average. Rounding out the top 10 states with the highest foreclosure rate in August were: Florida, Arizona, California, Idaho, Utah, Georgia, Michigan, Illinois and Hawaii. Economic woes, such as unemployment or reduced income, are now the main catalysts for foreclosures. Lenders are offering a variety of programs to help homeowners modify their loans, but their success rates vary. Hundreds of thousands of homeowners can't qualify or fall back into default. The Obama administration has rolled out numerous attempts to tackle the foreclosure crisis but has made only a small dent in the problem. Nearly half of the 1.3 million homeowners who enrolled in the Obama administration's flagship mortgage-relief program have fallen out. The program, known as Making Home Affordable, has provided permanent help to about 422,000 homeowners since March 2009. Regardless, many troubled borrowers have seen their efforts to get a loan modification stymied. Larry Book of Winter Garden, Fla., was one packet away from a permanent loan modification from Chase under the Obama administration's foreclosure prevention plan after more than a year of back and forth and one failed attempt. But his modification never went through. Instead, his loan was transferred from Chase to IBM Lender Business Process Servicers in July and he was told he owed $9,562.62 and must bring his mortgage current by Sept. 15 or foreclosure proceedings will begin. "It just becomes too exhausting," Book said about the modification process. "That's why some people walk away. But I've invested too much and given up too much to just let it go." I have to summarize the article for a current events assignment. I dont know what to summarize

Given Michigan's bad economy, if we lose our jobs (not unlikely), will the bank work with us to save our home? (there are 4,500 homes for sale in one county, about 25% of which are foreclosures). I mean, with a backlog of repossessed and abondanded homes, it should take over a year to sell ours. Any info on this process will be appreciated

Why is the gop trying to do block michigan voters? Democrats Sue Michigan G.O.P. on Voter Issue By Michael Falcone Updated Responding to allegations that Republican Party officials in Macomb County, Michigan plan to use home foreclosure lists to challenge voters at the polls in November, the Obama Campaign and the Democratic National Committee filed a lawsuit on Tuesday in federal court to prevent what they contended was an illegal practice. Obama Campaign General Counsel Bob Bauer said that using home foreclosure lists as a basis for challenging voter eligibility would have a “deadly effect of the voting process” and argued that the practice would be illegal. “This is a standard operating procedure within the Republican party that’s been under legal challenge,” Mr. Bauer said on a conference call with reporters on Tuesday. Last week the chairman of the G.O.P. in Macomb County, James Carabelli, was quoted in the online publican, the Michigan Messenger, as saying that the party planned to use foreclosure lists to stop voters who no longer have valid addresses from casting their ballots. “We will have a list of foreclosed homes and will make sure people aren’t voting from those addresses,” Mr. Carabelli was quoted as saying, according to a Sept. 10 article in the Michigan Messenger. Since the story first appeared, Mr. Carabelli has repeatedly denied that the party planned to use the lists, and in an interview with The New York Times suggested that he was misquoted. “I have no voter challenging program here in my county,” Mr. Carabelli said late last week. And in a statement on the Michigan G.O.P. Web site the chairman of the Michigan Republican Party Saul Anuzis called the story “a complete fabrication.” “There has never been a plan to use foreclosure lists to challenge voters. There is no such plan, and there never will be such a plan. Period,” Mr. Anuzis said. Mr. Anuzis repeated those assertions on a conference call today and said that the Republicans would formally ask the Messenger for a retraction. Absent that, he said, the G.O.P. would pursue a libel lawsuit against the publication. According to a statement on its Web site, Messenger editors appeared to be resisting calls for a retraction. “There will be no retraction because Mr. Carabelli and Mr. Anuzis’ claims are unfounded. The quotes were not fabricated. Michigan Messenger and the Center for Independent Media stand behind this story 100 percent.” Mr. Anuzis characterized the Democrats’ legal action a “stunt.” “It clearly shows their desperation as they move forward,” he said. But the Obama campaign countered that the denials amounted to “backpedaling” on the part of the Michigan G.O.P., and said that they had enough evidence to go forward with the lawsuit. “Our position is very simply, they can tell it to the judge,” Mr. Bauer said. A copy the Obama campaign’s complaint, which was filed on Tuesday in United States District Court in Eastern Michigan, is available here. http://thecaucus.blogs.nytimes.com/2008/09/16/obama-campaign-files-lawsuit-against-republicans-in-michigan/

Are you next? Didn't all of this (bad loans) begin under bush administration? Homes lost to foreclosure up 25 pct on year AP Press September 16, 2010 LOS ANGELES – Lenders took back more homes in August than in any month since the start of the U.S. mortgage crisis. The increase in home repossessions came even as the number of properties entering the foreclosure process slowed for the seventh month in a row, foreclosure listing firm RealtyTrac Inc. said Thursday. In all, banks repossessed 95,364 properties last month, up 3 percent from July and an increase of 25 percent from August 2009, RealtyTrac said. August makes the ninth month in a row that the pace of homes lost to foreclosure has increased on an annual basis. The previous high was in May. Banks have been stepping up repossessions to clear out their backlog of bad loans with an eye on eventually placing the foreclosed properties on the market, but they can't afford to simply dMore than 2.3 million homes have been repossessed by lenders since the recession began in December 2007, according to RealtyTrac. The firm estimates more than 1 million American households are likely to lose their homes to foreclosure this year. In all, 338,836 properties received a foreclosure-related warning in August, up 4 percent from July, but down 5 percent from the same month last year, RealtyTrac said. That translates to one in 381 U.S. homes. The firm tracks notices for defaults, scheduled home auctions and home repossessions — warnings that can lead up to a home eventually being lost to foreclosure. Among states, Nevada posted the highest foreclosure rate last month, with one in every 84 households receiving a foreclosure notice. That's 4.5 times the national average. Rounding out the top 10 states with the highest foreclosure rate in August were: Florida, Arizona, California, Idaho, Utah, Georgia, Michigan, Illinois and Hawaii. Economic woes, such as unemployment or reduced income, are now the main catalysts for foreclosures. I said such practices Began under bushboy. And bushboy knew what was going on, even encouraged it. All President Obama did was to try to assist people. But then, big banks and lending institutions only intended to assist with a small number of potential foreclosures in the first place. oh boy it's not 'logic' it's truth. Next. (and btw I got your "we buying a house today" You realize that most of the subprime mortgages were obtained by caucasians. You realize that of course. You realize that while so-called minorities paid substantial downpayments, the average caucasian subprime mortagor paid little or NO down payments. Got that? And yes I can prove that.

How does a deed in lieu of foreclosure affect junior lien holders? I was in the process of purchasing a home that was an attempted short sale. The primary lien holder had agreed to the purchase, but the deal was being held up by a bank through which the owner had taken out a second mortgage. The homeowner gave up hope and abruptly chose to go "the deed in lieu of" route instead. My agent is telling me that the junior lien holder is now out of the picture and that they have no legal interest in the property. This doesn't sound right to me. Other than title insurance, what's to prevent this other bank from placing a lien on the property after I purchase it? (This is in Michigan, if that matters.)

Bad Credit-Home Loan? I have a 495 credit score and just had a recent divorce and still living with my husband. I am staying with him to save money however I want to get my own home and its seems not to be possible because of my credit score. I have collections and some recent one's too. Are there any lenders out there that would be able to help me? I know this is alot but I am in the process of working on repairing my credit by paying car and credit card bills on time and no new open accounts. I want to buy a foreclosure and they have really good deals in Michigan the area that I am in. I know there will be high fees associated with a credit score like mines. That is not such a big deal if I get a good deal on a home and I have an action plan for my credit and would refinance in a year or so. Only serious inquires please and any advice on this type of situation. Thanks!

Should I foreclose on my home? I purchased a home 7 years ago in the metro-Detroit area which, unlike much of the US, shows absolutely no signs of bouncing back because of the flailing auto industry and the ripple effect tied to that. Even with a renter, this depreciating asset is costing me about $10,000/year (not including annual depreciation). I considered a short-sale, but I've been told that this can be a very complicated process, involving a significant cost and, when it's all said and done, it will hurt my credit almost as much as foreclosure. I realize that neither option is a walk in the park, but I'm trying to better understand whether I'd be smarter to just foreclose, take the hit on my credit, and save myself money, time and headaches. Again, this property is in metro-Detroit, so please don't bother to suggest that the area will rebound... that area isn't coming back for at least 10 more years and I don't want to keep the property for nearly that long. So, if anyone has had experience with foreclosure recently (or short-sales) or, better yet, if you're a professional and know these specifics more intimately, then please tell me your thoughts/experiences. As info - I have since purchased a home (3 yrs ago) outside of Michigan, which is my primary residence. Any knowledge of the bank coming after my primary residence (via a lein) or any other assets (401k, savings accounts, etc.) is appreciated, as I've got to take everything into consideration here. Thanks in advance!

what penalties do you face for a foreclosed home? Hello. My parents are going through a rough financial time right now. I have no knowledge to give them, or advice to offer on a foreclosed home, because I have ever mortgaged, and know nothing of mortgaging a home. Right now, their home is worth only half, of what they currently owe on it, and they are in their early fifty's and it will take them thirty yrs before they pay their home off, and they can barely afford their mortgage as is. They have found nicer homes, in nicer areas south of where we live. My grandparents (who are healthy and don't have a mortgage) offered to mortgage one of these homes in their names for my parents. From a financial standpoint, it is a good idea for them to walk away from their home now, and let it go into foreclosure, and walk into a new home mortgaged by my grandparents. My parents would pay their own bills, it would just be under my grandparents names (and also willed to my parents). It is a good idea, because they can get a nicer home, and in the process cut their mortgage in half, which will give them an extra 1000 dollars a month to save. My concern for them though, is what kind of a penalty does one have when their home is foreclosed. I heard that it wasn't the same as bankruptcy, and a foreclosed home only stays on you financial record for two years. Is this true? Also, my father has excellent credit, how negatively and for how long will a foreclosed home affect him? Thank you, I want to be able to give them the best advice possible, also please include sources if you have any. Also they live in Michigan in case the law varies by state.

how to buy a forclosed house? me and my wife want to move back to san diego we live in michigan now and own a mobile home(paid for) but the weather in michigan sucks and all our friends live in san diego anyway i was seeing all these sites and commercials about buying foreclosures with no money down and no credit check is this for real because the reason we left san diego in the first place is work was slow and i fell behind in my payments going into debt but were working to pay it all off just wondering if any body had experience with this or knows anything about the process thank you

karen tumulty should be nominated for the best jounalism 2008? How to Pick a Veep Jun. 23, 2008 | By KAREN TUMULTY ...to picking vice-presidential nominees...of Vice President should tell...three-star running mates. The right... 1591 words | view cover So who might be pizazz choices for this year's contenders? McCain might turn to his longtime hero Colin Powell, the former Secretary of State and Chairman of the Joint Chiefs of Staff. =========================================== One of the stranger ironies the Constitution has bestowed on American politics is this: some 50 million people just finished choosing the parties' two nominees in a grueling, yearlong primary campaign that cost millions of dollars and captivated the world. But when it comes to picking vice-presidential nominees, only two people on the planet get a vote: John McCain and Barack Obama. Between an explosion of democracy in the spring and an even bigger explosion of self-determination in the fall is a brief interlude of, well, something that Vladimir Putin could probably live with. Related Articles The Keys to McCain’s VP Pick When you are running for President, you can’t exactly just have a few friends over on the weekend, e... Wooing New Hampshire’s Undeclared The guy in the purple "I’m a health care voter" shirt stands up to ask a question at a John McCain t... Romney Frees McCain for New Fight When Mitt Romney stepped forward to announce his endorsement of former rival John McCain, the former... McCain: Frail with the Far Right John McCain emerged from Super Tuesday the undisputed heavyweight in the fight for the Republican pr... Everyone knows that the main qualification for the vice presidency is being ready, at a moment's notice, to step into the most powerful job in the world. But what qualifies you to do the job and what qualifies you to get the job may involve two completely different calculations. Both McCain and Obama have their selection committees already at work scouring candidates' financial and personal backgrounds, voting records and public statements. In a sudden setback that could slow the Democratic nominee's search, Obama lost his top Veep hunter, Jim Johnson, after the former Fannie Mae executive came under scrutiny for accepting preferential mortgages from a lender linked to the foreclosure crisis. Both camps will finish their work by early August, if not sooner. When they do, the choice of Vice President should tell us something — maybe a lot — about how McCain and Obama think and how they could run the government. There are a lot of ways to choose a Vice President, and each comes with risks. Here are five of the most reliable: 1. Play to Your Strength Perhaps the fastest way to send a message about who you are is to pick someone who appears to be ... just like you. In 1992, Bill Clinton picked another Southern baby boomer with a moderate record and a full head of hair. Then Clinton, Al Gore and their wives took a bus trip that looked like a rolling scene from The Big Chill. Picking Gore reinforced Clinton's claim to be part of a new generation of Democratic pols, liberated from the tired (and losing) politics of the past. If McCain were to take a similar approach, he might pick a No. 2 who has strong national-security credentials or another maverick who defies party labels — perhaps someone like independent Connecticut Senator Joe Lieberman. By this standard, Obama might opt for a partner who is young and charismatic and also breaks a historic barrier of race or gender — perhaps Kansas governor Kathleen Sebelius — or one who transcends partisan politics, like Republican Senator Chuck Hagel of Nebraska. 2. Look at the Map An old-fashioned road atlas is a good Michelin guide for three-star running mates. The right choice can add balance to a nominee whose roots may seem a tad too effete to go over well in the heartland — or add some coastal glitz to a rural candidate's prairie-flat steadiness. As it happens, the last two candidates to make their picks with geography clearly in mind — John Kennedy in 1960 and Michael Dukakis in 1988 — were both from Massachusetts. And they both picked Texas Senators — Lyndon Johnson and Lloyd Bentsen — for the second spot on their ticket. More narrowly, the map can help a nominee make a play for a state that is crucial in November, though that is never a sure bet. Kennedy, with Johnson as his running mate, squeezed by Nixon to win Texas with a margin of merely 46,000 votes, in what turned out to be one of the closest elections in American history. But Dukakis got swamped in the Lone Star State, where Bentsen's considerable popularity was no match for the thrill of having another Texan, George H.W. Bush, in the Oval Office. This year, given the closeness of the race and the importance of winning a few battleground states, McCain and Obama will keep at least one eye on the Electoral College map right through November. That means Obama will be considering choices like Ohio governor Ted Strickland (though Strickland says he would turn down the offer) or one of three possibilities from Virginia — Governor Tim Kaine, former governor Mark Warner or Senator Jim Webb. Or perhaps a Westerner like Montana governor Brian Schweitzer. McCain might get an Electoral College boost by picking Minnesota governor Tim Pawlenty, Pennsylvania's ex-governor Tom Ridge or former rival Mitt Romney, who has family roots in pivotal Michigan. 3. Shore Up Your Weak Side On the other hand, the nominee might need a partner who compensates for his vulnerabilities or perceived weaknesses. That was plainly what George W. Bush had in mind in 2000 when he picked Dick Cheney, a seasoned Washington insider with a long foreign policy résumé (who also happened to be heading up Bush's vice-presidential-selection process). And Gore knew that in picking Lieberman, who had been one of Bill Clinton's harshest Democratic critics during the Monica Lewinsky scandal, he was buying some distance from the incumbent Commander in Chief. In McCain's case, any doubts that voters have about electing a 72-year-old President might be allayed if he tapped someone far younger. And it wouldn't hurt, in a year when gasoline prices and financial jitters have moved past the Iraq war to the top of voter concerns, to look for a sidekick who is more comfortable than McCain is with economic policy. It may well turn out to be someone about whom the conservative base, which is a little leery of McCain, is more enthusiastic. Some possibilities the two might want to consider as hedges against their shortcomings: McCain could pick Romney or Pawlenty, both of whom have executive experience and relative youth, or perhaps an economic-policy expert like former Ohio Congressman Rob Portman, who served as both budget chief and trade representative for Bush. Obama, however, might want to address concerns about his youth and inexperience by picking a running mate who is older and has strong national-security credentials. He could turn to seasoned, silver-haired foreign policy experts like Senate Foreign Relations Committee chairman Joe Biden or former Senate Armed Services chairman Sam Nunn. Pennsylvania governor Ed Rendell or former South Dakota Senator Tom Daschle would add some experience as well. 4. Hug Your Rival Even after a long, hard primary fight (and sometimes because of it), the ultimate winner almost always has to consider bringing the loser aboard the ticket. That's what Ronald Reagan did when he picked George H.W. Bush in 1980 and how John Kerry came to choose John Edwards in 2004. Sometimes party unity simply demands it. "We ended up with the obvious choice," says adviser Bob Shrum of Kerry's decision to tap Edwards. "People in the party overwhelmingly wanted him." Then again, a former adversary can have extra baggage. For one thing, there will be lingering tensions and suspicions that former rivals still harbor ambitions of their own. The other party is certain to dredge up every damaging sound bite — "Voodoo economics!" — that your former rival hurled in your direction back in February. These worries are usually overcome. Already it's hard to miss the steady thaw in McCain's once frosty relationship with Romney as the former Massachusetts governor throws himself — and his formidable fund-raising operation — into campaigning for the man who beat him. And Hillary Clinton's supporters — starting with her husband — are letting it be known that they expect Obama to give her serious consideration. 5. Hire Some Pizazz Some nominees find themselves in need of excitement. That explains why Walter Mondale tapped Geraldine Ferraro, the first woman on a national ticket, in 1984. "This is an exciting choice," he said at the time. Within weeks, Mondale did not see it that way. Given their difficult history of tangling over just about everything, hardly anyone would have expected Bob Dole to pick Jack Kemp as his running mate in 1996 — least of all Kemp. As little as three weeks before he was selected, recalls Dole's campaign manager, Scott Reed, Kemp was grumbling in GOP circles that he hadn't been given a speaking spot at the party's convention. So why did Dole pick him? "We were going for oxygen, heat and energy," Reed says. "We went through the traditional list, and we just weren't happy with what we were coming up with." Kemp later turned out to be far more complicated a partner than Dole or Reed had imagined. So who might be pizazz choices for this year's contenders? McCain might turn to his longtime hero Colin Powell, the former Secretary of State and Chairman of the Joint Chiefs of Staff. Excitement is hardly what Obama needs, but he could pick a woman, such as Sebelius or Arizona governor Janet Napolitano, who might force McCain to spend more time in his otherwise safe home state. But if you venture too far out of the box, voters will scratch their heads sooner or later — and eventually you might too. George H.W. Bush seems to have entered his Veep wish list into one of those dating computers back in 1988. That year he stunned nearly all his advisers when he tapped someone whose Midwestern roots were an antidote to his privileged Kennebunkport background, who was young to his old, who could balance his moderation with a dose of conservatism, and came up with Dan Quayle. The ticket beat the Democrats that fall, but by 1992 even Bush was trying to nudge him off the ticket. The ploy failed. Which is a reminder that however you choose a running mate, another rule will always apply: hard as it is to find a good one, it is sometimes harder to get rid of a bad one.

What is the foreclosure process for a land contract not a mortgage in Michigan? What is the step by step process for a forclosure process in the state of michigan. How long does the process take, etc... This is NOT a mortgage IT IS a Land Contract.