Can owner file forclosure on land contract if all payments were made?

My husband and I have paid all monthly payments to the owner (a large residential and commercial contractor in Michigan) of our new condo (located in Michigan) which we moved into a year and a half ago on a Land Contract. We were planning to purchase the home by October 2009 (which is an agreement written in the Land Contract) but are unable to get a bank loan at this time. All payments have been made on time and in full, but the owner has been calling us asking when we will have the Mortgage ready. We would like to extend the Land Contract, but he may not let us and may foreclose on the property. Is the company legally allowed to foreclose if we have made all due payments and have kept the property in tip top condition? We are very worried about this because a foreclosure would disable us from buying a home in the next couple of years.
Please respond to the best of your ability. We could really use the help.

Thanks,

NBP

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