St Louis, MO asked in Bankruptcy and Real Estate Law for Missouri

Q: I am buying house from private party due to health reasons have to file bankruptcy can home owner refuse to honor origin

al contract.

Related Topics:
1 Lawyer Answer
W. J. Winterstein Jr.
W. J. Winterstein Jr.
  • Bankruptcy Lawyer
  • Boyertown, PA

A: You don't give enough facts to allow good advice.

If your purchase contract is in writing, and is a longer term installment contract, you should be able to affirm it as an "executory contract" once you file for bankruptcy relief, and that's even more so if you are currently in possession of the house.

if you are buying with the help of a new mortgage, even with a loan commitment, your lender will most probably balk when you go into bankruptcy. If you are hoping for a mortgage loan, try to complete your purchase prior to filing for bankruptcy.

Timothy Denison agrees with this answer

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.