What happens to a Land Contract Purchase of Real Estate when the Purchaser files for Bankruptcy?

When a property is purchased on contract, land contract or some other form of agreement where the purchaser is renting to own real estate and the purchaser files for it can leave the seller in a precarious position. One of three things is likely to happen depending on the circumstances: First, the seller may file a Motion for Relief...

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Mortgage After Foreclosure, Bankruptcy and Short Sales

Mortgages and are significant issues for my debt clients that are facing foreclosure, bankruptcy or considering a short sale for their home.  When one of these events happen, there are general rules of thumb of what will happen if you seek a mortgage and when you might be able to qualify for a mortgage. results in the longest waiti...

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What is an Indiana short sale for real estate?

Economic times in the United States are as hard as citizens have experienced in decades leaving homeowners to consider an Indiana short sale to sell their home.  While the stock market rises, home values continue to decline and, contrary to the belief of many, home sales remain stagnant.  As many Indiana realtors will tell their se...

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What is a REO property? Jan14

What is a REO property?

When considering real estate listings, many people will wonder what a "REO property" is.   REO stands for 'real estate owned'. It is the term used to describe a home or property that is in the possession of a lender as a result of a foreclosure. That means the foreclosure has already taken place, a sheriff sale has resulted in ...

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