Contract for deed, bankruptcy, 401K
I would like to buy a home on contract for deed and most likey will have to file bankruptcy in the future. Problem is I need a downpayment and I willing to take out a loan from my 401K of $15000.00 which I will have to pay back thru weekly payments. I have a short sale pending on my house that I owe 57K on the second and about 60k in credit card debt.
Is there a chance that this could be a problem in bankruptcy if I file?
We have a lawyer trying to collect a debt on an old fuel oil bill, we are financially strapped since I am not working due to my husbands health. He only gets Social Security every month and we are on food support, fuel assistance, and he also gets medical assistance along with his medicare.
The bill is just in his name and I do not think he can get anything from us money wise but I am worried he can put a judgement agalnst our place that we are buying. We are buying this old mobile home with 4 acres of land from a private party on a contract for deed, the place is appraised at a little over 40,000, the debt last he sent a letter was 1250.00 and I would image growing more interest, the original bill was around 800.00. The guy we are buying from will be so angry if we get a judgement on this property. I read something about a homestead exemption and this place is homesteaded. So if I could hear back about this issue I would deeply appreciate it.
We have two letters from him and one I requested and that has been all I have heard and that has been almost 9 months ago back in april. He will have to take this to court and notify us first I am hoping. Thank you Nancy Hanson
contract for deed
I recently signed a contract for deed with my boyfriend and we have had a falling out. What legal ramifications can happen to me if I don’t fullfill the contract for deed?
equity ownership in property
as joint tennants, unmarried, can the equity built up in a home be based on monthly contributions to mortgage if one party moves out of the home and fails to or chooses not to fulfill the original contract of a 50/50 split on mortgage payments? A suit to quiet title or partition will result in sale of home and i woudl rather leverage other ideas to solve this problem in which one party wants excessive amount of money in a buy out. Do i have any alternatives to keep my home when one party leaves and fails to maintain the property equally whiel demanding 50/50 equity division upon sale. How coudl i contract for deed or can the ownership be changed to tennants in common without the lenders permission?
Minnesota Contract for Deed
I have a 1985 Harley Davidson in great condition. I just put it up for sale($9000). A man offered me $3500.00 down and $500/month. Not that bad of a deal in these times. I would get what I wanted to get and I would have it in 1 year.
I was looking at the Contract for Deed portion of this website and it looks like the details of responsibility are pretty clear. However, does this hold up in a court? How much work would I be getting myself into if the buyer quit paying? And what happens if the buyer crashes the bike after 2 months?
Thanks for your knowledge! This site is really great.
Tim