Does anyone know if the money that is paid toward the purchase price of a home under a lease/purchase option.
ex: $1000/mth with $600 to rent & $400 toward purchase
is considered to be an unsecured debt or secured debt? The sellers have filed bankruptcy and have the money that we paid in thus far listed as an unsecured debt in their bankruptcy. Our contract stated that if I decided not to exercise my purchase option the money I paid toward the purchase would be refunded to me minus 100/mth and that if I exercised my option all of the money would be used toward the purchase price. I am bank approved and ready to buy but now the seller is jerking me around with this bankruptcy and says I may end up having to buy it off of bank.