Monday, November 29, 2010

Land contract and bankruptcy?

We are currently in a recorded land contract and the lady we have the land contract with is going bankrupt. Can the bank take our house from us? What is going to happen?

The bank will not take your house as long as you make timely payments. See if you can register your name at the Bankruptcy Court as someone to be contacted. It is possible that you will be making the payments to someone else during or after the bankruptcy.

you need to contact a lawyer for this. or maybe a lawyer will answer this question for you. good luck

She can't exclude the house, it is investment property.

Yes, it will foreclose. You should buy it first.

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