If I own a $100K home (mortgage paid off) and I sell that home via land contract to someone, is that treated as an asset in any way if I claim bankruptcy or get sued or whatever?
Would the fact that the buyer of the home is in constant default affect anything?
I'm in Michigan.
Answered on: 1/15/13, 7:35 pm by Charles Andersen
Generally, the income stream from the contract is non -exempt so that won't help much. Learn More
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Charles Andersen, Atty 1761 Hotel Circle S. Suite 270 San Diego, CA 9208► Other answers from this attorney