Posted by dallas on April 14, 2005 at 10:55:26:
I don’t see where you have a problem, as long as your contract is valid. Knowing that your seller is in BK WOULD CONCERN ME when it comes to your payments getting to the lender.
I would also be concerned with the lender learning that they sold the house to you, especially if you took title. The lender may want to address the due-on-sale clause.
subject-to “sellers” declared bankruptcy - Posted by elisa
Posted by elisa on April 13, 2005 at 18:05:39:
I took a property sub-to in September of 2004, here in the state of florida, my sellers called me today stating that they have declared bankruptcy and that they need me to send copies of the paperwork that we did together, so that their attorney can make sure that we are all protected.
Do I have a PROBLEM here??? Should I send my paperwork to their attorney?? Does the Florida Homestead Exemption protect a property from creditors?? (it was never taken out of exemption)
Is there anything “I” should or should not be doing at this point??
I am not asking for legal advice, just advice from someone who may have gone through this same situation!
All my paperwork is notarized/signed and the deed recorded.
Any Advice??