Legal Question in Real Estate Law in Arizona
bankruptcy and wrap on a property
About three years ago I bought a property, wrote up a contract, paid a sizable down payment and had it deeded over to me. Now the former owner wants to file bankruptcy and says because he is on the mortgage, I will loose our home. Is this true and what can I do?
Thanks
1 Answer from Attorneys
Re: bankruptcy and wrap on a property
You will not lose your home. The seller must include the loan to you as an asset on his petition in bankruptcy, if he files for protection. In any case, he has no right to take the property back and only has the right to collect the loan payments according to the terms of the note, so long as you make the payments on time.
You should be careful, and get legal advice. Be aware that the seller might be trying to get you to make payments he is not entitled to receive or get you involved in his conduct to defraud the trustee in bankruptcy.
I will be happy to meet with you for a consultation, for which I charge a small fee and there is no obligation beyond the consultation.
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