I got a called from the seller. He already filed chapter 13 Bankruptcy for his property. Now he want to sell the house. The house is owe more than it worth.
How do I buy this property?
How do I deal with the Bankruptcy Trustee? Are they going to approve the lower payoff?
Please help because this is my first time dealing with bankruptcy property…
[b][/b] You can do it that way…Or you could have the homeowner help you with neogitations…This homeowner is in a Chap 13 you said. Where is this homeowner within his Chp 13?
Either way the bankruptcy trustee will have to have something filed on court records. Something his bankruptcy atty ought to petition the court with.
Best case is to do a full package write up …Possibly what homeowner hopes to gain out of this. What all needs to be disclosed. Getting it to where the Bankrutpcy judge/attorney/ lender understands all parties to have a sucessful transaction. Make sure you do a full eval with pics and estimates of cost of repairs.
But unless you know this person well make sure you do a search of what’s going on with the bankruptcy before you get all involved…You can get a Pacer acct cheap to take a peek…https://pacer.login.uscourts.gov/cgi-bin/login.pl
If you need any help in understanding some of the things let me know. I’ve now been on both sides of the fence…A mortgage collector and unfortuantely now a debtor…But I shall prevail. Something you may be able to do is depending on the lender is get a note sale from lender. You wouldn’t have to petition the court…and you take the lenders position be creative.
You just never know. The uglier the pics either way and a good write up can do wonders. No lies just the reality of the property and its surroundings. How it’ll benefit them more to see it your way.
Best of Luck
Have him surrender the property and then short it.