Attorneys?

Comments(12)

• 
  TheShortSalePro9th December, 2004

  most likely an attorney with a family practice... who would get a panic call from the homeowner upon their receipt of a foreclosure summons, &/or an attorney who specializes in bankruptcies...

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  focusonmoney9th December, 2004

  so real estate lawyers come across those people correct?

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  edmeyer9th December, 2004

  I would think that bankruptcy attorneys are a better source than real estate attorneys. There are many specialties in RE law that may be far removed from people that are in financial distress.

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  focusonmoney9th December, 2004

  But if i target the bk attorneys for leads that means i have to go through a process to get the house out of bk.. i want leads thats not in bk...

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  edmeyer9th December, 2004

  Why not? The bankruptcy attorney can help to get the bankruptcy court to release the property for sale to you. The threat of foreclosure provides incentive for such a release and you are likely to get a very big discount.

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  focusonmoney9th December, 2004

  so when dealing with people thats in bk do u have to let the trustee or attorney know how much you buying the property for?

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  edmeyer10th December, 2004

  The sale will have to be approved by the bankruptcy court and the bankruptcy attorney is the one who presents to the court. This will not preclude them from approving a sale that is way below market. Keep in mind that a foreclosure sale may remove monies that would be distributed to creditors in the bankruptcy. I am not sure what your concerns are.

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  focusonmoney10th December, 2004

  "Keep in mind that a foreclosure sale may remove monies that would be distributed to creditors in the bankruptcy. I am not sure what your concerns are."
  
  well my concerns are getting the the house out of bk. I just wanted to make sure that the trustee or whoever handling the case wont deny me from getting the property discharge out of bk just because they found out i was buying the house below market..

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  edmeyer10th December, 2004

  I bought a pre-foreclosure over a year ago and there where no problems concerning the bankruptcy court.
  The biggest problem was the timing of my financing and the court was getting annoyed that my purchase was continuing to be delayed. There was no time to list the property at market because of the impending foreclosure and the owners were cut off from re-fi because of their poor financial condition.

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  focusonmoney10th December, 2004

  ok thats good to know because i thought i was going to have a problem getting the property out of bk if they found out that i was getting a big discount..
  
  thanks for the advice it was helpfull..

• 
  nbhomes10th December, 2004

  are you buying the property for at least the amount of the foreclosing lien?

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  focusonmoney10th December, 2004

  no...i was thinking about short selling the mortgage..