Do I Have The Right Info Bankruptcy Employee
I work at a bankruptcy and I also know many people that are involved in re investing. I would aslo like to get into re myself but need to find startup capital. So when I watch all these papers go by in front of me at work with facts about houses that are going to be foreclosed on and how much they are worth, I can't help but wonder if some how I can help other investors find good deals on houses for a fee so that I may start building my start up capital. Am I dreaming or do I have the inforamtion poeple are willing to pay for. I see plenty of houses that have around 50,000 equity and the bank lifts the house from the bankruptcy plan so they can begin thier forclosure process. PLEASE HELP!!
[ Edited by bryanihrke on Date 07/02/2004 ]
You work for the courts or for a law firm? And in what capacity?
I am a file clerk for the cities largest largest Ch 13 trustees office. I pretty much get to see every form that comes through. The office is a pretty good size do to the fact it is in a mjor city.
Only my layman's opinion, but I would definitely look into the Conflict of Interest rules regarding the bankruptcy laws, as well as the privacy issues that may come up.
I am not a lawyer, but better safe than sorry.
Charlie
In your spare time I would work by getting in touch with the homeowners and offering them $10.00 (or $1000) for their home. Get the deed signed and then work to flip the home to someone who can pay off the mortgage before the foreclosure.
Wrong answer, I think, myfrogger. These are people already in Bankruptcy which means that they are no longer allowed to sell the home without the trustees permission.
Right answer, I think, Charlie. Although I think that there may be more freedom of movement for Bryan than might at first appear. All this information is public record so Bryan's access is a matter of convienence more than anything else. If he worked for the Attny's representing petitioners that would be more of a problem. There is the issue of whether Bryan would get preferential treatment by the trustee he works for, however, if he put together some sort of Trust or Corp and kept his activities quiet around the office so that the Trustee couldn't know who the offers were coming from it would be hard to see how the trustee could be prejudiced in his favor. Still the advice to get a professional opinion is appropriate.
[ Edited by commercialking on Date 07/04/2004 ]
I do agree that there are some legal issues to look at but all the iformation is public knowledge that can be obtained at the courthouse. I also agree it is nothing to be shared with my fellow employees and that the offers would have to have some one elses name on them. But what options do I have for putting these deals together. do I use contracts or take another appraoch. Also what kind of profits can be made for myself and potential buyers.