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Updated about 6 years ago,

Account Closed
  • Chicago, IL
29
Votes |
88
Posts

Subject To : Seller filed a bankruptcy

Account Closed
  • Chicago, IL
Posted

Hello,

I bought a property last year subject to existing financing.
Later I sold this property on owner financing to another buyer.

I was making regular payments to the existing loan since i sold the property.
Last month I was unable to make the payment to the lender and on further inquiry I found out that the original seller filed a bankruptcy under Chapter 7.

What should be the ideal thing to do now ?
Am i still liable for the existing loan ? How can i continue to pay the loan balance ?

Thanks
Abhijeet 

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