AboutDennis Herman Expertise I can answer questions on Real Estate such as question on writing an Offer to Purchase. What can go wrong after an offer is written? What is Buyer Agency and what will it do for me? What is a foreclosure? What is the difference between a foreclosure, a bank owned property and a short sale? What is the best way to locate a property? What steps can be taken to avoid foreclosure? How do Real Estate Agents get paid? How can I quickly build equity in a home? How do I view homes? What types of homes will have the best prices? How do I choose an agent? What types of financing are available?
Experience Residential and commercial real estate. New home purchases. Buyer Agency. First time home buyers. Foreclosures, bank owned properties, estate sales and short sales.
Organizations Greater Milwaukee Realtors Association
Wisconsin Realtors Association
National Association of Realtors
Publications http://activerain.com/bloghome
Education/Credentials State of Wisconsin Licensed Real Estate Sales Agent
Accredited Buyer Agency Training
Relocation Training
Certified Senior Citizen Representative
Wisconsin Real Estate Continuing Education
Question We have purchased a home on land contract from an individual on April 1st 2009. She has some type of mortgage/equity credit on the home that she is paying back monthly, so we purchased the home for the amount she owes on her loan. She has now decided that she needs to file bankruptcy on her other personal assets. Since we have a filed contract with the state that we are buying this home, what will happen when she goes to file bankruptcy with the loan she currently has on this house? Can she reaffirm on the loan she has outstanding on the home? Or are we faced with losing our house? Thanks!
Answer This is a good question. I generally do not deal with land contracts because they require a large amount of money from the buyer at closing and that is usually one of the problems. The buyer has no money to put down.
I am licensed to sell real estate. You will have to call an attorney to get this answer. I would suspect the land contract has a clause dealing with this situation.
