All Forum Posts by: Carlos Garza

@Ken M. Thanks for replying to post.  Would like to know what part do you think is off? Just for an update, I received a notice of proposed abandonment from the trustee.

Hello, needing some advice. Wanted to see if anyone has gone through same situation. I owner financed a property 2 years ago. Balloon payment is due in March 2026. I used a title company for the contract. I just received notice that tenant has filled for chapter 7 bankruptcy. He is up to date on payments and recently paid for 3 months. Went to initial hearing and his bankruptcy was approved. What are my options? He did say he wanted to talk about restructuring the contract but I have no interest in doing that. I am assuming that as long as he makes the monthly payments we are ok. Also assuming he will not be able to make the final balloon payments. Does he get foreclosed on? How much protection does he get with the filling? I am in Texas and property is located in Chambers county. Thanks ahead for replies.