Hello all,
I am currently doing my first wrap and have a prospective buyer who has deposit, FHOG and the right income level.He has also told me that he was bankrupt about two years ago.
Are there any issues that I need to look at here ?
Regards
Crewsing
Yes, the issue you need to look at is what were the circumstances surrounding his/her bankruptcy.
Regards,
Brett [
]“Even if you’re on the right track you’ll get run over if you just sit there.”
I believe that under the Consumer Credit Code it is illegal to provide credit to an undischarged brankrupt.
It may just be possible that your prospective buyer is still an undischarged bankrupt. If he/she is still undischarged you could still proceed with a lease/option or maybe even the new Licence to Occupy/option. Of course, only after you have done the due diligence suggested by the previous poster, concerning the circumstances of the bankruptcy.
All the best, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
]
The topic ‘Bankruptcy’ is closed to new replies.
