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Land Contract/ I owe more than 1/2 still,if seller in bankrutcy,canI lose my home?

Huntington, WV |

Land Contract was 60,000. I paid 6,000. down @move in.balance on 54,000. left is 36,755. I also paid taxes including late fees dating back to 3 mo. prior to our moving in while it was still in sellers ex-wifes name to the city. I paid insurance to him since 1-2010. There was not insured when we moved in.Seller bought from exwife @ same time Land Contract with me was done.The company they got a loan on while married is defaulted so he is claiming bankruptcy.Total appraised Value is 48,500 with city.Does that mean it can be forclosed on?What happens to my home? I cannot get a loan.

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Attorney answers 1

Posted

Just answered your other question.

When you did this contract, did title pass to you? Did you get a deed? If so, seller's mortgage should have been paid off and discharged, leaving title in your name subject to your seller's mortgage from you for the $54,000. If this did not happen, and his mortgage is still there, that is a monumental problem? Was an attorney involved in this transaction? You should nver have taken title with his prior liens still there. A foreclosure against him could be a huge problem for you. Speak to a local attorney about this situation RIGHT AWAY!!!

To questioners from West Virginia & New York: Although I am licensed to practice in your state, I practice on a day-to-day basis in Massachusetts. I answer questions in your state in areas of the law in which I practice, and in which I feel comfortable trying to offer you assistance based on my knowledge of specific statutes in your state and/or general principles applicable in all states. It is always best, however, to work with attorneys and court personnel in your own area to deal with specific problems and factual situations.