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We sold a house on a land-contract deal. They filed bankruptcy after 1 12 years and now say they have rights to stay in the house for 5 months is this true we need to sell it to pay off the mortgage?
Wiki User
∙ 16y ago
Obviously, the first questions have to do with if they have or haven't been making the payments! But, in general, their rights under a Land Sales Contract amounts to not much different than a lease. Presuming they haven't paid rent, you should start eviction procedures. Some places, esepcially with a tennant under bankruptcy protection, that can take some time to accomplish.
Wiki User
∙ 16y ago
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After a relief from stay is granted to the mortgage company is the property still a part of the bankruptcy estate or does the mortgage company now have ownership rights to the property?
It is still yours until foreclosed formally...the stay just means they can do so.
What are the legal rights of a cosigner on a mortgage?
legal rights of cosigner on mortgage
Can a mortgage company who took over your mortgage two years after bankruptcy discharge require you to reopen your bankruptcy to enter into a reaffirmation agreement if prior company didn't need it?
They would never have more rights than the mortgage company they bought it from.... This would seem very, very, highly unusual...and likely impossible...and why would they want anything if your current...if your not...well that's a different story.
Can a lender sell the mortgage when the property is under bankruptcy automatic stay?
Yes. The new owner takes over all rights, obligations and chances of loss. Who owns it doesn't effect you in any way. (The Creditor's rights to anything involved in your bankruptcy can be sold, albeit the buyer probably would demand a substantial discount).
When mortgage holders die what are mine and the mortgage company rights?
If a mortgage holder (mortgagee) dies the rights under the mortgage pass to her heirs. If a mortgagor (borrower) dies the mortgage company has a lien on real estate that still must be paid.
Mortgage rights in divorce?
Your question is _________?
What companies have the right to buy mortgages?
Some of the companies that have bought and sold rights to a mortgage include Thornburg Mortgage, Luminent Mortgage Capital and The Blackstone Group. American Equity Funding has also bought and sold many mortgage rights.
I cosigned a mortgage for another person but I am not on the deed. What are my rights?
Actually, you have no rights. All you have is an obligation to pay the mortgage if the primary borrower doesn't pay. If you co-signed a mortgage for property that is owned by another person you have offered to pay the mortgage even though you have no rights or interest in the property. If the borrower defaults the bank will go after you for payments just as you promised when you signed the mortgage. If the mortgage is foreclosed it will be reported on your credit record.
Can you keep your house after bankruptcy?
Many debtors have this common doubt can I keep my home after filing bankruptcy. The question for this answer is based on the factor determined by the current situation. There are two Chapters in bankruptcy legal process decides whether debtor can enjoy the full rights of having their private property. They are Chapter 7 bankruptcy and chapter 13 Bankruptcy. Chapter 7 bankruptcies rights are crafted in a form of legal structure that you need to walk away from home till you settle your debts. Chapter 13 bankruptcy illustrates individual can stay in their property but need to pay a small amount of mortgage on monthly basis to money lenders. If you have any queries regarding after filing for Bankruptcy process can you keep your house in safe manner or not visit websites like findlaw.com, bankruptcy.expert , lawyers.com to get a clear conclusion.
What rights does the second mortgage holder have if the first mortgage payments are up to date?
If the second mortgage is in default the second mortgagee can foreclose and take possession of the property subject to the first mortgage.
Can bankruptcy stop a divorce?
Bankruptcy can maybe stop the other person taking money from you but it wont stop them claiming the rights to your assets.
When you buy a house and have a private mortgage can the seller sell the mortgage and change it?
I assume the private mortgage was granted to the seller who became the mortgagee. Yes, the mortgagee can sell her rights under the mortgage but she cannot change its terms without the written consent of the mortgagor.I assume the private mortgage was granted to the seller who became the mortgagee. Yes, the mortgagee can sell her rights under the mortgage but she cannot change its terms without the written consent of the mortgagor.I assume the private mortgage was granted to the seller who became the mortgagee. Yes, the mortgagee can sell her rights under the mortgage but she cannot change its terms without the written consent of the mortgagor.I assume the private mortgage was granted to the seller who became the mortgagee. Yes, the mortgagee can sell her rights under the mortgage but she cannot change its terms without the written consent of the mortgagor.
