Notephesus,

A good point was brought up - does the property owner own the home free and clear or do they have a mortgage? If so, has your lawyer reviewed it and the land contract paper work?

My best good faith opinion would be to wait until you can do this on your own. I know there are lots of inticements, but there are also lots of potential pitfalls.

If your heart is set on following through with this transaction, I suggest seeking legal advice from a real estate attorney and having them review all paperwork. Having the clauses in the contract to protect both you and your parents may be in your best interest and protection.

In a past life, I was licensed to practice law in NJ, PA and NY..I'm not anymore so keep that in mind that you get what you pay for--that said a land contract is like any other contract..negotiable.

Meaning, can you have them co sign and then have them removed..sure--IF the seller agrees. For them to agree keep in mind it's likely going to "cost" you something..cash, collateral, slight increase in payment, mowing their lawn, washing their cars or simply whatever you negotiate--usually the minimum for doing it would be showing your creditworthiness has improved and you're on the path to getting financing on your own in the not so distant future.

I agree with what is said below, and will add the following...

Unfortunately, I am seeing many people, "sell," their house on land contracts when they have a loan balance, sometimes even HIGHER than the land contract sales price. This is a potential recipe for disaster ... not to mention, if the lender does not waive the, "due on sale," clause, the property can technically not be sold on a land contract. If it is sold, and a memo of the LC is recorded such that the lender or lenders become aware of it, the house of cards could come tumbling down. This is happening left and right. Make sure those representing you do their homework! Don't be a victim...

Derek Bauer, Real Estate One

i have no idea what the below listed comment means? >..good evening.....first.parents can go on the contract if you like.the risk is minimal....to non-existant..there is no recourse on land contacts in michigan, in case of default.....second.a reputable mortgage lender can get you on the right path to becoming mortgagable.....the land contract should not balloon any sooner than at least 3-4 months after you have things turned around and can qualify for the refinance loan...if that is one year.then go at least 16 months or more on the lc.....how quickly that happens depends on how agressively you work at fixing whatever is wrong with credit.....pay by money order, or a check...never cash, even if the deed holder insisits on it..he cannot legally demand cash for payments...keep cancelled checks or money order copies as proof you didn't go over thirty days on the payments..if for any reason the deed holder doesn't cash the check right away.m/o are probably the best...a ltr from the deed holder won't work as proof of pay history, unless it is a licensed management company or a bank that is servicing the contract...have the title company prepare an amortization schedule for the payments..enter a clause in the contract that you have first right to buy out the contract ....the deed holder can take a l/c to any investor (who would fund it) and cash out at their discretion at a big discount ....unless it offers you first option...be sure to use a title company to close you....ask them to pull a title committment without std. exceptions.....with exceptions is allowable for lc closings, but doesn't protect you.....only the deed holder....footnote in the contact that the deed holder is responsible for seller's title and transfer tax when the deed transfers, just like anyother purchase..many deed holders don't know that and it ends up a fight when you pay off the lc..be sure the title co. records a memorandum of lc. immdeiately after the closing.....maybe try to include something to protect you if the house doesn't appraise for what you owe at the time the balloon hits.laslty.the titlework w/o exceptions, will also tell you if there is an underlying mortgage on the property...back taxes, liens, bk filings,etc, etc.....if the deed holder sells on lc with an underlying mortgage, it violates the "due-on-sale" clause....and at the lender's discretion can begin foreclosing.....doesn't happen often...usually where it is caught is when the new lc buyer's go for homeowner's insurance.and the declaration page ends up at the mortgage lenders....laslty, it is illigal to sell bl/c unless there is clear title at the time of the closing....only a title committment w/o std. exceptions will provide sufficient proof it's clear....best of luck with your transaction.if you have any additional questions, feel free to contact me at anytime..if your parents are willing to help.maybe there is a simpler way of doing something to help you.aside from a l/c.....best regards....bob mcclure- success mortgage partners- plymouth, michigan.....

Once you can qualify for a loan on your own without their backing you can get their name off of the land contract. Until you qualify alone, I can't see someone removing their names.

Good luck!