Filing Ch7 have Owner Financing Home

[tika]

My husband and I are filing Ch 7 and we are waiting for the 341 meeting right now. We bought a home 4 months ago and the owner is owner financing for us with a full legal contract with his name being the "lender" and we are on the title.

He is a really nice old man and he was really nice to Owner Finance for us. We pay on time with our payments and don't want to loose our home (I hope). I know he won't take our home from us, but I want him to know what we are doing since he will know once being contacted. (I would rather him hear it first from us).

How do I tell him we are filing and we LOVE our home and wanted to to reasure him? I would hate to just go knock on his door one day and tell him, or call a meeting. Would I just write a letter and explain??? Or write a letter to explain and go knock on his door and give it to him???

Any suggestions please, I guess I need to do this ASAP since we are officially filed now.

[OhioFiler]

My husband and I are filing Ch 7 and we are waiting for the 341 meeting right now. We bought a home 4 months ago and the owner is owner financing for us with a full legal contract with his name being the "lender" and we are on the title.

He is a really nice old man and he was really nice to Owner Finance for us. We pay on time with our payments and don't want to loose our home (I hope). I know he won't take our home from us, but I want him to know what we are doing since he will know once being contacted. (I would rather him hear it first from us).

How do I tell him we are filing and we LOVE our home and wanted to to reasure him? I would hate to just go knock on his door one day and tell him, or call a meeting. Would I just write a letter and explain??? Or write a letter to explain and go knock on his door and give it to him???

Any suggestions please, I guess I need to do this ASAP since we are officially filed now.

I would suspect your attorney advised you to include both the asset and the loan in your Chapter 7 filing. Did the property ownership actually change hands? Was a deed recorded in your names(s)? Or are you "renting to own"?

You need to call your attorney today.

[tika]

Yes, everything is going smoothly. Everything was done correct. The gentleman that is owner financing is cosidered the "lender" and the deed is in our names as well. So we are not renting to own....my attorney knows the gentleman that is owner financing and he told me that just let him know and if he has any questions to contact our lawyer....


So I just wanted advise on how to tell the gentleman that is our "lender"...knock on his door and tell him, write a letter telling him, etc....

[lolasaurus]

Seems to me like doing this sort of thing in person is probably the classiest way to do it and helps to avoid miscommunication and misunderstanding.

[OhioFiler]

You don't have to notify him, the BK court will do it for you.

[Logan]

You don't have to notify him, the BK court will do it for you.

They want to notify him.

Call the guy and start by telling that you're having financial difficulties that will not affect him or your payments made to him. Then advise him that your are in Ch. 7 and that he will be notified by the courts but assure him that it will not affect the agreement you have with him.

I'm assuming you are going to continue to make the payments.

Logan

[OhioFiler]

They want to notify him.

Call the guy and start by telling that you're having financial difficulties that will not affect him or your payments made to him. Then advise him that your are in Ch. 7 and that he will be notified by the courts but assure him that it will not affect the agreement you have with him.

I'm assuming you are going to continue to make the payments.

Logan

They filed a week ago I assumed the court would have sent the notice already.

[keepmine]

Your lawyer does need to speak with the leinholder and be sure he properly perfected the lein or the house could be at risk.
Search minnymouths posts from a couple of years ago and see what happened to her because the lein wasn't perfected.

[Logan]

They filed a week ago I assumed the court would have sent the notice already.

The thought occurred to me but I would use the same verbiage as my post above.

[OhioFiler]

The thought occurred to me but I would use the same verbiage as my post above.

I prefer to write in a pithy style.

[tika]

thanks so much, I will still contact him with what Logan said.

Since it was only a week ago, he would have already been notified?? I thought it was be a little while still, great....I wanted him to hear it from me...he is a really nice old man and I just didnt want him to think he was going to be in for a long haul on this.

His last tenants he rented to for years and year and there agreement was that they paid the taxes, we'll when we were signing the contract he found out they never paid their taxes and he owed over $12K....so this is why I wanted him to hear it from me, but life get so busy and I just didnt realize it would be this quick...

thanks for the help.