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  1. #1
    Join Date
    Oct 2007
    Posts
    2

    Default Chapter 13 and Leasing Out a Home

    My father-in-law and his wife have filed chptr 13 and have been fulfilling their obligatory payment requirements. It will end in August of 2008. He and his wife are recently seperated and his health will not allow him to continue to work and he will not make enough to pay his mortgage. He was told he could not sell his house because he'd lose all the equity they have paid in. Is it legally possible to lease to own his home to another individual until the bankruptcy is complete and thus regain the equity at that future sale date?

    Thank you for your help.

  2. #2
    Join Date
    Jul 2006
    Location
    Ohio
    Posts
    1,126

    Default Re: Chapter 13 and Leasing Out a Home

    Quote Quoting dadshelper
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    My father-in-law and his wife have filed chptr 13 and have been fulfilling their obligatory payment requirements. It will end in August of 2008. He and his wife are recently seperated and his health will not allow him to continue to work and he will not make enough to pay his mortgage. He was told he could not sell his house because he'd lose all the equity they have paid in. Is it legally possible to lease to own his home to another individual until the bankruptcy is complete and thus regain the equity at that future sale date?

    Thank you for your help.
    He'd need to ask the trustee. That additional income might be required to pay off his debts.

  3. #3
    Join Date
    Oct 2007
    Posts
    2

    Default Re: Chapter 13 and Leasing Out a Home

    If the bankruptcy has ended (before the actual sale of the home), would the sale of his home at that time have anything to do with the chptr 13? Or were you speaking of the income from the lease to own payments from the other individual. He would only ask for the payment amount to equal the house payment and taxes and insurance for the home(no profit).?

    Thanks for the prompt response.

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