Legal Question in Bankruptcy in Texas
My husband and I agreed to owner finance a house for a person. The person files bankruptcy, Chapter 13. We have all the legal documents and we actually did our closing through a Title Company. We have a deed of trust/lien to the property. Are we protected or are we going to lose the house? Can we foreclose the person if he don't pay us? Appreciate your response to this situation. Thank you.
Asked on 6/14/11, 9:44 am
1 Answer from Attorneys
Mark Dunn
Mark D. Dunn
Your debt (the debt he owes you) is a secured loan. I'm assuming that all the paperwork was done correctly. You will NOT "lose the house." The debt that is owed to you will probably be paid through the Chapter 13 plan. And yes, you can foreclose if you don't get paid.
Answered on 6/14/11, 10:49 am
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