A house-flipping company in Indianapolis that pitched its services to Christian audiences has filed for bankruptcy, leaving more than 120 people who bought or sold homes through the firm in limbo, the Associated Press reported. Chart Properties LLC filed for bankruptcy on Oct. 17, and the monetary losses could be more than $5 million. The bankruptcy petition has few details about the company's finances, but it indicates the company doesn't have the assets to repay clients and other creditors. Chart Properties had contracts to purchase the properties it sold, but the contract deals were made with no money down — so Chart didn't actually own the homes. The company would put buyers in the homes and charge them monthly payments in a rent-to-own style. The company would then repay sellers from those funds. The business largely pitched its services at churches, on the internet and on religious radio and TV stations. Legal experts say families who bought homes from Chart Properties could be forced out, and those who sold their homes may be saddled with property they don't want. Many sellers said they don't want the homes back because they've purchased other properties or can't afford the mortgages.
