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Loan terms upheld in bankruptcy (access required)

Restoring pre-default interest rate would improperly modify terms

For would-be homeowners struggling to secure a loan, seller financing can be an alternate route into a new house. Like a rent-to-own contract (and controversial precisely for that reason), the buyer gets the keys in exchange for a monthly mortgage payment to the old owners. With no bank playing middleman, the parties are free to ...

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