i just got back from going to court for filing chapter 7. I have a contract with a in individual for 18 acres of land. he let go 1 acre of land so i could put a down payment on my home. There is 2 tracks! One for the acre track and 17 for the other. the trustee was going over all the stuff in court and see this 17 acres as a asset. But that land still has a mortgage on it from the individual i purchased it from. can they still try and take and sell the land even if the person ium paying it to has a motgage on it. my lawyer says i shouldnt wrry about it that he thinks the judge wont allow it. Any thought would be great
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land contract ? need advice
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I don't believe the person who has a land contract with you can convey title to you when it's still encumbered. In other words... they can't pass a clear title to you if the property has a mortgage on it.
Personally, you don't have to worry, but the person you are under land contract with, may have some issues. I don't see the Trustee getting clear and clean title, but this is precisely how Trustees make money! They find real property with title issues and they POUNCE!Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
Status: (Auto) Discharged and Closed! 5/10
Visit My BKForum Blog: justbroke's Blog
Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.
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