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 cla...

Question

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.

Answer

Generally, the income stream from the contract is non -exempt so that won't help much. Learn More