We are renting to own a house from my Husbands Grandfather. We planned to get a mortgage for the house as soon as it is out of his bankruptcy. Is there anyway we can buy the house while it is still in bankruptcy?
2007-11-24 14:55:47 · 6 answers · asked by coryannewilliams 2 in Business & Finance ➔ Renting & Real Estate
This is a question that you must ask your grandfather AND the foreclosing entity. With the answers from both sources, you can determine the next course of action.
2007-11-24 15:05:22 · answer #1 · answered by LUCKY 4 · 0⤊ 2⤋
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RE Buying a house while its in bankruptcy.?
We are renting to own a house from my Husbands Grandfather. We planned to get a mortgage for the house as soon as it is out of his bankruptcy. Is there anyway we can buy the house ...show more
2014-10-05 22:20:46 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Since it's "in bankruptcy", I doubt that the court would approve of any real estate conveyance. Better to wait till it's "out of bankruptcy."
2007-11-24 16:15:22 · answer #3 · answered by !!! 7 · 0⤊ 1⤋
Normally, you will be able to bid on the house when it is sold to cover the Grandfather's debts unless he is planning to be able to regain solvency almost immediately.
He no longer controls what happens to things like that.
2007-11-24 15:09:37 · answer #4 · answered by Tom 6 · 0⤊ 0⤋
Yes, you can buy something from someone that's in bankruptcy. You have to get trustees approval.
2007-11-24 17:13:56 · answer #5 · answered by ziggymo2 2 · 0⤊ 0⤋
you can try asking on http://www.rentalandrealestate.com
RK
2007-11-24 16:20:17 · answer #6 · answered by raja k 2 · 0⤊ 1⤋