Hello
The HO filed for bankruptcy and is turning the property over to the bank . Any ideas on making this deal would be appriciated
I will speak to my guy and let yo know, give me a bit.
Thank you.
ok here we go
- chapter 7 or 13
- is there any equity
- does it need repairs
- do you have a buyer
- Can this be short saled
- can you prove to a trustee it has no worth or is over leveraged?
- are there liens on it
- when will it be discharged ( the bankruptcy )
that is enough for you right now,don’t want to overload you .
Get the answers to these and let me know
HI
Iam not sure about 7 or 13 . but she had 2 mortgages 1st was 200,000 and the second was 50,000. comps were 275,000 for exact same house in her neighborhood excect that in her house the prior owners turned one of the 4 bed rooms into 2 bedrooms so here house has 5 bed rooms. I know some one that is a investor. so yes I am hoping to short sell it. How do I prove the level of worth to the trustee?no leins but taxes are late.
don,t know about discharge but she did mention something about 60 days .
Hope I answered everthing correctly if not please let me know.
take the both motgages and back interest owed, legal ets, repairs and show the trustee it is not in his / her best interests to keep it.
You will need to almost do a mini shortsale package to trustee.
DO NOT TELL TRUSTEE YOU HAVE A SHORT SALE AGREEMENT AS THE TRUSTEE WILL THEN GO TO BANK HIMSELF, SELL PROPERTY MAKE MONEY WHICH WILL PAY OFF MORE CREDITORS.
ok, I just got off the phone earlier to day with the home owner and she told me that her bankruptcy lawyer told her that if she tried to sell the home now it would totally ruin the bankruptcy and so she doesn’t want anything to do with the sale of the property she says that the stress is just too much. She did tell me that they are suppose to tell her when they are going to sell the property but I think that by that time it will be give to a realtor to put on the market. Is there any way around having to go through the HO that is this fed up with the prossess. What about the bankruptcy trustee? will they be willing to sell the property without the consent of the HO, since she doesn’t care to keep the property anyway?
the attorney has no say in this.
the bankruptcy trustee is " the Man"
Talk to the seller get a release of information from her, speak to the trustee and prove to him that the property has no equity.
Basically you will ned to present them with a mini short sale package.
If the trustee thinks there is a dollar there fo rhim he will keep it.
You need to prove to him that the mortgages, legal, repairs etc etc has eaten up the equity, then all you need to do is produce the letter of abandonment to him to sign and your off.
Mean whle I would contact the bank and start the shortsale process, I would also tell the debtor that when it’s all done you will give her some of the equity you have created.
it works for me.
During the coversation that I was having with the HO, her words were," I do not want to do anything that my lawyer says I should not do I am going to let this play out and let the trustee take the property". the only way I think I will be able to pull this off is by keeping th HO out of the picture. I called the court and they said that there are still some motions in place being worked out and they still were not sure of the date the bankruptcy would close.