If I file bankruptcy, can I keep a owner financed home

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Icon Mini Profile denisefrazier

Joined: 14 Jul 2009

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Post Posted: Tue Jul 14, 2009 8:07 am    Post subject: If I file bankruptcy, can I keep a owner financed home

I purchased a home that the owner financed. I am behind on my payments. If I file bankruptcy can I keep my home?
Icon Mini Profile adonis

Joined: 22 Oct 2005

Posts: 12179
Location: ALASKA
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Post Posted: Tue Jul 14, 2009 9:12 pm    Post subject:

Welcome denisefrazier,

It will depend upon the type of bankruptcy you plan to file. You can include the property in your bankruptcy and then reaffirm the mortgage and continue making payments. This will help you in saving the property.

Procrastination is the enemy of your financial success


Post Posted: Wed Jul 15, 2009 5:45 am    Post subject: Bankruptcy

I was planning on filing Chapter 7...but in order to keep the property I will need to file a 13...is that correct? What do I need to do to reaffirm the mortgage.
Icon Mini Profile smithsussane

Joined: 18 Sep 2008

Posts: 12593
Location: Alaska
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Post Posted: Wed Jul 15, 2009 10:44 pm    Post subject:

Hi Denise!

Welcome back to forums!

You will have to reaffirm the mortgage in case you file Chapter 7 bankruptcy. You will have to sign up an agreement with your lender. This will make you personally liable for the mortgage dues once again. If you file Chapter 13 bankruptcy, then the lender would give you a repayment plan so that you can pay off the dues and save the property.

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