I am trying to sell a rental house after an investor put the house we were going to buy back after a year in foreclosure and we were not able to buy the house back with the chapter 13 bk. So now since my wife lost her income from an in home daycare and no one will rent a house to us to run the day care we have to sell the adjoining property.
The problem is that I found out from the Title Co. that there are two Judgments against the property for over15000. and my BK lawyer just told me I have to pay it. I have already found a buyer and have already set the price at 165000 on a 195000 dollar property. I owe about 135000 on the property.
So what I need to know is if there is any way to get around the judgments. We need the money to try to start over since we are homeless at the moment and my wife does not have an income at the moment until we know where we are going to end up. I was hoping to have a little money to start investing in RE.
I would like to help you but I just want to make sure I understand your situation. You sold a house to an investor with the agreement that you would buy it back in a year and now they are in foreclosure.
Where you leasing the house back?
Did you have to do this because you were in foreclosure and then claimed bankruptcy?
What are the judgments for?
The house we were living in was sold to an investor when another investment firm burned me on some fix and flip houses. I sold the house to the investor after I could not make the payments and to keep it from going to foreclosure. I was to buy the house back in a year. In the mean time I thought everything was good with WF and found out 2 days before the auction of our rental. That is when We had to do a chapter 13 to try and save my wife’s daycare business and not loose the rental. The investor told me it was ok and he would work with us. The year is up and The next thing we find out from a Realtor letter sent to us that the house is in foreclosure. We were in no position to buy it back.
We were paying the rent but he was pocketing the money. With that said the the problem is on the rental we have lost our home of 12 years and all of my wife’s income. Now we have to sell the rental house because of WF again. After proven once again that I was right and they were wrong that I had made the payments. I did not have the money to pay them. They asked to be removed from the BK, so all I want to do is sell the house and file for chapter 7 since we have lost everything. So is there any way of getting around the 2 judgments that are against the property that I thought were taken care of in the chapter 13.
Your going to have to consult an attorney I smell fraud. I am sorry I cannot give you legal advise. That lease buy back crap is noooooooooo good. They have pending legislation against that her in NJ.