tenant7 with a few questions...

[jody]

hello everyone, i just have a few questions that i hope someone can answer
first, my landlord is filing chap. 7 in july. she says that she is trying to keep the rental property. i did not think that this would be possible. i figure that the rental property would be the first thing that they would take. is this true?

second, is there any steps i could take, if she loses the house, to buy it from the bank myself. my fiance and i love this house and would really like to own it. i really wouldn't even know where to begin to try and get this house from the bank if she loses it.

any info would be helpful.

thank you.

[JRScott]

It depends I'm assuming the property has a mortgage. Thus if they can cover the equity or if it has no equity then they could probably keep the property. If it has more equity than they can exempt it is unlikely they'd keep it.

I hope they told you to stop paying rent, because honestly there is no point in paying rent if you are not sure they'll get to keep it. If you know where the loan is you could contact the bank there about it.

Once they've filed you could use PACER to view the case and see what's going on.

[jody]

she did not tell us to stop paying rent. as a matter of fact she said that it is very important that we make sure and pay on time because we are paying the mortgage for her and if we are late she is not current on the house.

[JoeBankrupt33]

I would ask her for proof that the mortgage is current. Also, as JRScott recommended, you can sign up for PACER and keep tabs on the bankruptcy. For instance, you can look to see if she is truly intending on reaffirming the mortgage.

[JRScott]

I wonder if they realize that rent is income.....I mean the person filing. This could cause problems for them but yeah as Joe says I"d ask for proof that the mortgage is current, you might also check your states tenant laws and see if their are any provisions for this circumstance, some states have them others do not.

[jody]

what about trying to petition the mortgage holder about us taking over the mortgage. my LL already said that we are paying it for her. any suggestions? i got on county clerks webpage and it says "suggestion of bankruptcy" but that is it. will more info show up after "the meeting of creditors"?