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Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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I have a contract for deed, We live in the house on the property,

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I have a contract for deed, We live in the house on the property, we are not behind on our payments, but the balloon payment is due. We have not been able to secure a loan and $99,000 is way to much to come up with. The lenders (private party) have filed a forfeiture of contract. I am thinking about filing a Chapter 13 to help keep the house and the land. Is this something that can be done? The lenders no longer have their own mortgage, they paid that off with the $20,000 that we gave them down. In addition to this, we have replaced all appliances and the floor, we really do not want to lose the place. Thank you for your time.
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 7 years ago.
Hello,

Unfortunately a Chapter 13 cannot be used to modify a balloon payment. A Chapter 13 can be used to pay arrearages on a mortgage over a period of time.

So sorry.
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