Rmls - Buying Investment Property

How Does Bankruptcy Affect a Subject-To Deal?
by Attorney William Bronchick

Topic: bankruptcy question

Kuangting_Liu_MI -- 08-22-2005 @ 7:15 AM

I just signed a Purchase Agreement. The owner was awarded the house from her divorce settlement. The husband has just quit-claimed the house to her last week. He is now filing bankruptcy. Would his bankruptcy affect my deal with the wife? Should I close the deal before his bankruptcy, or after, or doesn't matter?

I am buying the house subject-to and the loan is in both names.

Thanks!

--------------------------------------------------------------------------------

William_Bronchick_CO -- 08-22-2005 @ 9:05 AM

If he has already deeded the property over as part of his divorce agree...
[ Read Full Article Here ]