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If you file Ch 13 and your home has been bought under a land contract can the holder of the contract take back the property if you don't stay current?
Wiki User
∙ 8y ago
Just like a mortgage lender, a contract seller of real estate can ask the Court for permission to foreclose on real estate if a debtor in Chapter 13 does not keep the contract payments current. The contract seller would do this the same way a mortgage lender would, which is by filing a Motion for Relief from Stay with the Bankruptcy Court. The debtor has the opportunity to file an Objection to the Motion for Relief from Stay, but normally has to bring the payments current relatively soon (and then keep them current thereafter) to prevail on the Objection. State laws vary widely on what a contract seller may do once the relief from stay is granted, but if the contract seller is granted relief from the stay they would then presumably do whatever the particular State requires for them to regain possession of the real estate. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.
Wiki User
∙ 8y ago
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How do you refinance a life estate property?
Generally, in order to refinance the property the owner of the property AND the life estate holder must both sign the mortgage. If you are only a life estate holder you cannot refinance the property. A lender will grant a mortgage to the owner of the property only and the life estate holder must sign their consent. See related question link.
What is a life estate owner?
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