Seller filing bankruptcy..?
Hi all. I closed on my house in May 2024. I bought my house from a relative for what he owed on it ($130,000). I got a USDA loan.
He is now considering filing bankruptcy but his lawyer mentioned that it might cause me to lose my house as he sold it to me for what he owed, rather than what it was worth. The appraisal valued the house at $160,000.
Is this true? Do I need to worry about losing my house? Should I call my lender?
Posted Aug 13, 2024, 11:51 PM UTC
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