It can also put you in bankruptcy.  

I had bought a condo in Florida years ago and ended up in bankruptcy after I was laid off from my job in 2010.

I did not collect a security deposit and if they want one back they would have to file claim to the old landlord but he is broke (this was a bankruptcy auction).I do feel bad but there is no fault to me. 

How do you settle the debts owed on a property you purchased from a motivated seller who is behind on his mortgage payments and is facing foreclosure or bankruptcy ?

It appears they're under so many lawsuits and can't get permits to rehab any properties, I wouldn't be surprised if they file for bankruptcy soon.

Seller was foreclosed on the house about 4 years ago and also filed bankruptcy.  

My credit score is not great because i went through a bankruptcy almost 6 years ago.

Upon asking the seller, he said his wife passed and while she was sick, he had to protect the house so he filed for chapter 13 bankruptcy and he put the house and cars in the bankruptcy.

Never fight city hall unless your only other option is bankruptcy.

Hello All, I am looking for a little help/advice while helping a family member figure out if they can get a loan for a home on Phoenix AZ.They had to file bankruptcy about 2 years ago due to medical expenses.