bankruptcy keeping house
Has anyone kept renting a house that is going back to the bank in a chapter 7 bankruptcy. Can it be bought?
The house I am renting, with a month to month lease, is getting inlcuded in my landlord’s chapter 7 bankruptcy. He is not keeping it, and I would like to keep renting it. Can this be done? Also I would like to buy the property and I don’t know if this can even be done and how to go about it. Any help would be great! Thanks!
The bank in the not in the business of owning houses. They loan money on the house. When they occassionally have to foreclose on a house or get it through bankruptcy, their first objective is to sell it and get their money back. The best thing to do is contact the bank. They may or may not allow you to continue renting (the bank may want the stream of income from the rent). They will definitely be interested in selling the house.
Your best bet is to just call the bank and talk to whoever is in charge of the loan and see what you can work out with tme.
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