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TJ, Esq.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 11784
Experience:  JD, MBA
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i need to know what hapens when u buy land on land contract

Customer Question

i need to know what hapens when u buy land on land contract and everyone is there that needs to be and the owner breches the contract and he files chapter 13 and now the home is up for foreclosure
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  TJ, Esq. replied 5 years ago.
Hello and thank you for allowing me the opportunity to assist you.

Unfortunately, if the mortgage is not paid, then the bank has the right to foreclose. Even more unfortunate is the fact that the bankruptcy prevents you from taking any legal action against the seller, aside from filing a Proof of Claim for the breach of contract. After filing the Proof of Claim, your debt should be accounted for in the seller's Chapter 13 plan, which means you'll receive something for the debt (though it will not likely be 100% repayment). You can find a Proof of Claim HERE.

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