Late Land Contract Payment? Forfeiture Rules in Michigan and Ohio скачать в хорошем качестве

Late Land Contract Payment? Forfeiture Rules in Michigan and Ohio

In the legal systems of Michigan and Ohio, time is of the essence when it comes to land contract payments. Unlike a traditional mortgage, which often has a long lead-up to foreclosure, land contracts often contain Forfeiture Clauses that allow a seller to reclaim the property relatively quickly. Under Michigan’s MCL 600.5726 and Ohio Revised Code 5313.05, the seller must follow a strict notice process before they can take your interest away. In this video, a Michigan and Ohio attorney explains what happens after a late payment under Michigan and Ohio law. We look at the "Cure Period"—the window of time you have to pay the arrears and stop the legal process. In Michigan, this starts with a 15-day Forfeiture Notice. In Ohio, you generally have 30 days from the date of default to catch up before a forfeiture action can be enforced. We also discuss the "20% or 5-Year Rule" in Ohio, which provides massive protection to buyers who have paid significantly into the contract. If you’ve paid more than 20% of the price or have been paying for over 5 years, the seller must use a full judicial foreclosure instead of a quick eviction-style forfeiture. Whether you are a seller wondering when you can file or a buyer trying to save your home, understanding these "redemption periods" is the only way to protect your property rights. ✅ In this video, a Michigan and Ohio attorney explains forfeiture notices, the right to cure, and the difference between forfeiture and foreclosure. Disclaimer: This video is for educational purposes only and does not create an attorney-client relationship. Among legal topics covered in this video: The 15-Day Notice (Michigan): Why MCL 600.5728 requires a formal written warning before any court action. The 30-Day Grace Period (Ohio): Understanding ORC 5313.05 and your right to avoid forfeiture by paying late fees. Redemption Periods: How you can still save the property after a judge rules against you (90 to 180 days in Michigan). Acceleration Clauses: When a late payment allows the seller to demand the entire balance, not just the missed month. Forfeiture vs. Foreclosure: Why "equity" determines which legal path the seller is forced to take in Ohio. Late Fees: Why charges must be "reasonable" and clearly defined in the written contract to be enforceable. Michigan & Ohio attorney David Soble and the Soble Law team are dedicated to the success of their clients in the areas of real estate, contracts, and financial disputes. As part of our commitment, we actively write, publish, and create books, articles, podcasts, slide presentations, and newsletters—all designed to simplify complicated legal concepts related to real estate and finance. We strive to make these resources user-friendly and practical so that anyone with a legal concern can understand how to reduce their legal liability and financial exposure. Here are some links to check out: For your free real estate e-books: https://www.provenresource.com/library For articles: https://www.provenresource.com/blog For New Radio Media Podcasts, visit https://www.provenresource.com/podcast. See our social media sites: Facebook:   / provenresource   Twitter: www.twitter.com/provenresource LinkedIn:   / provenresource   To subscribe to our monthly newsletter, "Anecdotes." Visit: https://provenresource.com/project/ne... Call 888-789-1715 before you sign your contract!