Buying a home on a contract can be a way for persons who are low-income or who have poor credit to become homeowners. However, there are certain risks to know about to avoid surprises after the contract is signed.
If sale of a home in a foreclosure action does not cover the amount owed to the lender, part of a loan may not have to be paid back. The IRS may consider the amount of debt "forgiven" as income and tax it.
The "SCRA" is a federal statute passed by Congress to allow military members to suspend or postpone some civil obligations so the military member can devote his or her full attention to military duties.
Iowa Legal Aid provides legal help to low-income Iowans facing legal problems involving civil (non-criminal) legal issues. Iowa Legal Aid helps the legal system work for those who otherwise cannot afford the help of a lawyer. Watch our client stories.