Thursday, September 16, 2010

Am I entitled to the equity accrued while purchasing a home on land contract for the last six years?

Purchased home 6 yrs. ago and the land contract period is ending. I am not able to acquire a mortgage on this property now that balloon payment is due. I got behind on payments to the land contract holder since May, couldn't pay the taxes for 2005 and was unable to pay the insurance. The land contract holders have paid all the above for me. I currently have a renter in the home and he has paid his rent timely, but I've used his monthly rent to catch up on my own bills that I've fallen behind on since loss of employment. Am I entitled to counter sue the land contract holders for the equity I accrued while paying this contract for the last 5.5 years?