What happen to Investment Properties after Bankrupcty is filed?
I have spoken to a homeowner who has 6 investment properties and he just filed for bankruptcy. I know that the foreclosure by the lenders is halted, but what happens after the bankruptcy is discharged? Since they are investment properties(half in his name and half in his LLC) he has told me that he does not want to work with me anymore and believes that the bankruptcy is the “end-all and be all” for him. What should I tell him? I have already told him about the foreclosure being worse for his credit than the bankruptcy, but he was hopeless and not willing to speak at the time. Most of the deals were short sale candidates with little equity. What are my options? I"M HAVING A HARD TIME JUST WALKING AWAY!
Walk away. This person isn’t interested in dealing anymore.
No need to push something that isn’t going to happen. You’re becoming a motivated buyer.
Raj