So I started this process last feb, and we are filing Monday.
Scary part now:
As I understand the contract for deed(CD) if a mortgage exists with the seller, the lender can exercise the 'due on sale' clause. Which may require the buyer to purchase the home within as little as 30 days. Umm with the 430 credit score, not so much.
My question is, after we file the CD with the court, what would trigger the lender from finding out? Would they automatically find out due to the BK?
Secondly, I am using the CD as debt, as rent in my county maxes out at a rate that causes my MEANS test to be positive. So the CD would fix that issue.
SO another question I have is does a lease act in the same manner as does a CD? Moreover, can I claim the lease payment beyond the allowed on the means test as I can with the CD?
If so, I could skip the whole worry about the lender finding out by simply doing a lease. My atty is of course telling me that the CD is the way to go and to not worry about the lender... ya well, I worry.
Scary part now:
As I understand the contract for deed(CD) if a mortgage exists with the seller, the lender can exercise the 'due on sale' clause. Which may require the buyer to purchase the home within as little as 30 days. Umm with the 430 credit score, not so much.
My question is, after we file the CD with the court, what would trigger the lender from finding out? Would they automatically find out due to the BK?
Secondly, I am using the CD as debt, as rent in my county maxes out at a rate that causes my MEANS test to be positive. So the CD would fix that issue.
SO another question I have is does a lease act in the same manner as does a CD? Moreover, can I claim the lease payment beyond the allowed on the means test as I can with the CD?
If so, I could skip the whole worry about the lender finding out by simply doing a lease. My atty is of course telling me that the CD is the way to go and to not worry about the lender... ya well, I worry.
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