Posted on: 26th May, 2009 01:46 pm
i rent a house where the landlord included the property in a chapter 7 bankruptcy. what is the process and where does that leave me? will the house go into foreclosure or will the bank kick us out at a certain point. will the banks consider letting us purchase the property in a rent to own type situation? i have a child and just want to make sure we dont just get kicked out with no notice. thanks for any help!!!
Hi candacet!
Welcome to forums!
If your landlord reaffirms the mortgage debt, then he will be able to save the property from going into foreclosure. However, if he doesn't reaffirm, the property will be foreclosed and sold off to recover the mortgage dues. It depends upon the bank whether they would allow you to purchase the property. However, I guess, before the lender forecloses the property, he will give you a notice to move out of the property.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
If your landlord reaffirms the mortgage debt, then he will be able to save the property from going into foreclosure. However, if he doesn't reaffirm, the property will be foreclosed and sold off to recover the mortgage dues. It depends upon the bank whether they would allow you to purchase the property. However, I guess, before the lender forecloses the property, he will give you a notice to move out of the property.
Feel free to ask if you have further queries.
Sussane
Thank you so much for your reply Sussane! I dont think that he reaffirmed the house but he filed bankruptcy late last year and it has been finalized and we have heard nothing. He had 2 different mortages on the house with 2 different banks and the bank who had the lesser amount owed foreclosed already but not the bank who owns a bigger portion of the mortgage. I check the internet almost daily to see if we are even in pre-forclosure and it is saying nothing so maybe I should just enjoy the free ride while it is here. Thanks again!