Buying A Home On Contract ★

Arthur, usually a kindly old man, called them three times a day. Under a standard mortgage, a bank has to go through a lengthy, months-long foreclosure process if you miss payments. But under their specific contract—which had a "forfeiture clause"—if they defaulted, Arthur could technically cancel the contract, keep their down payment, keep all the monthly installments they’d paid, and keep the house.

They realized they were essentially high-stakes renters with a massive repair bill. The Balloon Looms buying a home on contract

The day of the "closing" wasn't at a fancy Title company office. It was back at Arthur’s kitchen table, though this time a lawyer sat between them. Arthur, usually a kindly old man, called them

That’s how they ended up on the porch of Arthur Vance, a retired clockmaker who had owned the Maple Street house for forty years. The Handshake and the Paperwork They realized they were essentially high-stakes renters with