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Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2900
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I have property that is being sold under contract for deed,persons

Customer Question

I have property that is being sold under contract for deed,persons buying quite paying, am filing foreclosure on persons,after 6 mo persons have filed bankruptcy in mean time. Do not have funds to pay mortgage so bank will foreclose on me what do I need to do?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 7 years ago.
If they file bankruptcy and did not reaffirm you debt, the debt is discharged in the case. You can no longer collect from them. If they default on the payments to you, you can consider this a breach and evict the so you can re-sell or lease the property.
Customer: replied 7 years ago.

My stituation is that I owe the bank for the property,last 8 months was not able to pay due to persons not paying so hired atty to foreclose since persons were not paying .persons filed ch13 in mean time bank is foreclosing on me due to lack of pymnt.Person have starting paying again but bank will not accept partical pymnt what happens if bank forecloses on me how do I get persons out?

Expert:  Terry L. replied 7 years ago.
If they are current with their ch13 plan and their post filing payments, you won't be able to legally foreclose. You may want to look into either a loan modification, refinance, or chapter 13 yourself.