If we are currently buying a house from a person that we just found out filed bankruptcy, does that mean we have to move out ?

And what about all that money that we paid on the house?

Asked on January 15, 2013 under Bankruptcy Law, Oklahoma


FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

I suggest that you consult with a real estate attorney with experince in bankruptcy matters about your matter. If the seller and owner of the home that you are purchasing has not been keeping the mortgage current then all the payments that you have made on it may have been wasted.

The key is that the mortgage is current and you are current on your obligations. So long as the above conditions are met, you do not have to move out of the unit you have written about.

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