A realtor called me to help with a foreclosure in Texas. Here are the facts that I have.
Owners would like to stay in home, but will move to get out of foreclosure. They have not made payments of 950 @ month since January. Owe 8000. Also have a chapter 13 in progress. Paying 516 @ month on that. Will meet in court the last of October. I assume foreclosure proceedings are held up because of the bankruptcy. (?)The property is listed for 67000. Owe 63700 on note.
I have never done a pre-foreclosure. Open to solutions.
You will need to get comps and payoff amounts to see if its worth doing. you may be able to do a short sale. Before you get too involved you need to check the title for liens.
You need to get authorization form signed by the homeowner and get it under contract!(purchase agreement) .
The foreclosure is stalled with the filing of bankruptcy. You will need court approval to buy the property. The lender will probably file a motion for lift stay so the can try to foreclose on the house. If they file the motion and no one objects then the lender will be cleared to foreclose. If they have no equity the court just may grant the motion especially if the plan payments are not current or if the plan does not make financial sense. It also sounds like there is no equity. You too can file a motion to have the court sell you the house at below the loan balance. It is generally better to have this prearranged with the lender which would be called an agreed order where all parties agree to the motion as made or modified prior to a hearing. Judges like these as it speeds up their busy work load. LoL with it.