Subject to seller (3+ years later) filing BK - Posted by ThosMN

Posted by William Bronchick on March 20, 2010 at 20:29:18:

No issue for you. If you have title you are the owner. The BK will absolve the former owner for any contingent liability for the debt.

Subject to seller (3+ years later) filing BK - Posted by ThosMN

Posted by ThosMN on March 19, 2010 at 17:32:49:

I just got notice from the trustee that the sub2 seller from a deal I did 3+ years ago (payments always current, not upside down, cash flows OK) is filing Ch. 7 bankruptcy. I assume she have trustee my name. Do I need to notify the trustee that I’ve been on title for 3+ years, and I’d like the mortgage excluded from the BK? Or should I just keep making payments and not worry about it? It’s not a slam dunk, just an OK sub2 deal; the wheeler-dealer in me wonders if I could somehow get a better deal from the bank as a result of the BK?

Re: Subject to seller (3+ years later) filing BK - Posted by ThosMN

Posted by ThosMN on March 21, 2010 at 09:57:30:

Thanks, I figured that. Do I need to notify the trustee at all, or just keep making payments? Though it seems like they should be pleased it stays current, I’m concerned the bank–BOA–might get confused, call the loan due, or something. It’s in Wisconsin.