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Lease/Purchase Agreement

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Nancy5153009

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Post Posted: Thu May 12, 2011 12:10 pm    Post subject: Lease/Purchase Agreement
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I have a home that I sold with a lease purchase agreement 10 years ago. The home is still in my name but the tenants only have 10 years left on the owner financing. The problem...I am now going to have to take bankruptcy due to some bad investment. I plan on taking chapter 7...how will this house be handled in the bankruptcy.
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Icon Mini Profile adonis
adonis




Joined: 22 Oct 2005



Posts: 10531
Location: ALASKA
1085.02 Dollars($)
Post Posted: Thu May 12, 2011 9:05 pm    Post subject:
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Welcome Nancy,

You may have to include this house in your bankruptcy filing. I will suggest you to speak to a bankruptcy attorney in this regard and then take the right decision.

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Icon Mini Profile dipaligopale





Joined: 25 May 2010

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Post Posted: Thu May 12, 2011 9:08 pm    Post subject:
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Hi Nancy5153009,

Welcome to Mortgagefit,

Whether you wish to keep the property or just want to let it go? If you wish to keep the property you should file chapter 13 and if you file ch.7 bankruptcy then you may or may not be able to keep the house...for further details you may go through this link....

http://www.mortgagefit.com/bankruptcy.html#keep-home

Feel free to ask any further query if you have....

DIPA

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