Rent-to-own home

[angelmomsheila]

Hi everyone, thanks for all your help. I'm filing pro se at the end of this month and still have a couple of questions that I can't find any info. on at all! I'm renting to own my home (not from a friend-just someone who was advertising in the paper) and I don't know how to or where to report it on the forms. Also I'm using the federal exemptions and don't know if it would be considered an asset.

Any info. on this subject would be greatly appreciated!!!

sheila

[familyof7]

If it is rent to own and you are not on the deed then it is listed as a lease or rent as you dont technically own the home until it is paid for or your name is on the deed and you dont have rights to the equity until then either. BUT if it is owner finance and you have a deed to secure debt and a warranty deed then you own the home and it would be listed as a secured debt because then you have a mortgage and you have the rights to any equity so you would list it as such.

[cathywhite4495]

I have a land contract and also filed pro se. I copied what another poster's lawyer put down for her land contract. I haven't had my 341 meeting yet but I think hers went OK.

Schedule A: Nature of Debtor's Interest (Equitable Interest - Purchasing on Land Contract), Current Value of Debtor's Interest ($0), Amount of Secured Claim ($0),

Schedule G: They just listed the owners of the property we're buying it from and under the last column they put Land Contract for residence current assume.

[dhamilton30]

Cathy-- Did you have to do a reaffirmation agreement?

[tcreegan]

Hi dh,

Cathy might not be around to answer...her post is 3 yrs old..

Tom in Colo

[debee]

lol. I got sucked into the three-year-old post vortex too. heeeeeeelllllp meeeeeeee.