Posted by Russ Sims on January 09, 2003 at 12:09:48:
With that much equity in the home the seller could deed the property to you and the BK court could consider the transaction a fraudulent conveyance and that could effectivly nullify the deal. BK courts don’t like it when folks start dumping assets just prior to filing BK…Just a warning.
Lease Option vs. Land Contract - Posted by Russell
Posted by Russell on January 09, 2003 at 10:07:30:
Hello
A seller is considering filing Ch.13 bankruptcy, he is willing to let me take over his payments. Which would give me enough ownership interest to prevent the property from going into his Ch.13, a Land Contract or Lease Option?
It’s a good house in a great location. Seller owes $63k and with about $5k in work it could be worth $105k. I don’t want this one to get away, but I also want to cover my
ass-ets.
Thoughts?
Thanks in advance
Russel in Indiana