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deckertraining · Joined: 16 Dec 2009 Posts: 1 1.30 Dollars($)

We were just served notice of Chapter 7 pertaining to a residential property that we are holding under contract with the debtor. I understand that his payments will be forgiven but what will happen with the residence that is still under our name? Are we going to lose our investment? Does the debtor have entitlement to a certain percentage of the house value becuase he has been making payments for several years?

jenkin7 · Posted: Wed Dec 16, 2009 10:51 pm Post subject:

Hi decker,

If you are still on the title to the property, you are a legal owner of it. The debtor is not entitled to receive any share of the property just because he is making payments for several months. A lot depends on the contract you signed with the debtor. If you did not transfer the ownership of the property to him through the contract, your property should be protected from the bankruptcy.

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Chapter 7 affect creditor holding real estate contract