Land Contract Problems

[Shawna]

In 10/98 I bought my house on Land Contract. I have just found out that the people I am buying from are not only getting a divorce but they are in tons of debt and filling for bankruptcy. The real problem is that I owe them roughly $8k less then they owe on their mortgages. I do not want to assume a higher mortgage.
Any advice is welcome!!!

 

[Tracey]

Go hire a real estate lawyer. I think you're SOL. You bought the house knowing of the superior lien & will have to redeem the lien if you want ot keep the house. Start negotiating with the bank immediately & work out a deal with the owners, bank, **& BK trustee** where you can pay the bank directly, starting ASAP. (You have to get the trustee's approval for this kind of deal.)

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This is not legal advice and you are not my client. Double check everything with your own attorney and your state's laws.