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Updated about 6 years ago,
Subject To : Seller filed a bankruptcy
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