Legal Question in Real Estate Law in Georgia
My husband and I bought a house with owner finance because we filled chapter 13. My husband has been offered a job in another state and we will not be able to keep up two houses on his salary. What options do we have? Can we just sign the house back over to her as if we just paid rent and the taxes for her for 3 years? Please advise what would be our best option.
2 Answers from Attorneys
It is not possible to tell you your best option here (or even what options are available). You did not tell us any meaningful details - value of home, loan balance, the status of your Chapter 13, whether the lender will let you off the hook if you transfer title back, and many, many other details. Your BR lawyer may be able to assist, or a real estate lawyer. Obviously, this is a risk of any home ownership, especially when a house is purchased through alternative financing because of existing financial difficulties.
If you are IN a Chapter 13, your purchase of a home and incurring a new debt was improper and required court approval. So you need to get with your Chapter 13 attorney if that is the case. You likely created an enormous mess.
If you are done with the 13, you also need to see your lawyer. You don't just give back a house and there are serious consequences to walking away.
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