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 sej011655
Joined: 19 Dec 2008
Posts: 1
1.50 Dollars($)
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 Posted: Fri Dec 19, 2008 3:13 pm Post subject: Buying house on contract with current owner who filed bankru |
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| My credit is bad, so when I wanted to purchase the house I was renting, the owner was willing to "owner-finance" it. In effect, I was making her payments for her.....she just wanted out from under it. We had a contract drawn up by an attorney who filed it at the courthouse in Sept. 2007. In Aug. of 2008, I found out that the "owner" had not been paying the mortgage company and the loan was going into default. When I contacted her, she said she had had to file bankruptcy, and was letting the house go to forclosure, but I was welcome to see if I could keep it. The mortgage company then informed me that they could do nothing until the bankruptcy discharged, so I should just stay put and do nothing. Two weeks ago, I was served Forclosure documents which listed me along with the current owner and her husband. I have been told that her loan is un-assumable. The mortgage company just gives me the runaround, and I don't know what to do next. Time is running out, but I don't want to lose my home much less have a forclosure on my credit report! Help! |
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smithsussane
Joined: 18 Sep 2008
Posts: 4546
Location: Alaska
445.32 Dollars($)
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| Posted: Fri Dec 19, 2008 9:49 pm Post subject: |
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Hi sej!
Welcome to forums!
I can understand that you are going through a tough time. In my opinion, you should immediately contact a lawyer and show him the owner financing agreement that you have with the owner of the property. The lawyer should also speak to the mortgage lender as well in order to check if you have a way out from this situation.
Feel free to ask if you have further queries.
Sussane |
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sej116
Guest
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| Posted: Sun Dec 21, 2008 11:39 am Post subject: |
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| I talked with 2 lawyers as soon as I found out about the bankruptcy. They both said it would cost me several thousand dollars to hire an attorney to handle this situation. That's several thousand I don't have. |
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winter
Guest
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| Posted: Mon Dec 22, 2008 2:11 am Post subject: |
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| You can check out the federally funded programs wherein you can find national network of legal services offices which receive federal funds to provide free legal help in civil cases to low-income people. You will also find county courthouses which have facilitators to help people in dealing with their legal claims. Check with your local bar association or courthouse to see if you can avail this plan. |
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james allen
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| Posted: Tue Feb 10, 2009 7:42 am Post subject: buying from a bankrupt owner |
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My ex is close to losing her home, filing for chap 13: I thought that I might buy a half share from her, while living there and making payments. What should I be concerned with?
Thanks. |
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