What is the name of your state?What is the name of your state? Ohio
On 09/05/03 I entered into a land contact with a condo owner who is now filing for bankruptcy . He says he does not have a lot of equity in the condo and is trying to reaffirm the loan. I am trying to get refinancing but it does not look to good for me. He is meeting with the trustee on Tue. 03/08/05. (1.) I know I have some rights but I don’t know what they are and what I need to do to enforce them. The land contract states that on 10/01/05 the entire balance plus interest would have become due but if the buyer is unable to finance the seller will continue contract as long as payments have been current. The payments have remained current from 09/05/03.If the seller is able to reaffirm the loan. (2.) Will the bankruptcy court have to make the new buyer continue the land contract? (3.) Do I have any other options?
On 09/05/03 I entered into a land contact with a condo owner who is now filing for bankruptcy . He says he does not have a lot of equity in the condo and is trying to reaffirm the loan. I am trying to get refinancing but it does not look to good for me. He is meeting with the trustee on Tue. 03/08/05. (1.) I know I have some rights but I don’t know what they are and what I need to do to enforce them. The land contract states that on 10/01/05 the entire balance plus interest would have become due but if the buyer is unable to finance the seller will continue contract as long as payments have been current. The payments have remained current from 09/05/03.If the seller is able to reaffirm the loan. (2.) Will the bankruptcy court have to make the new buyer continue the land contract? (3.) Do I have any other options?