HELP! Bought Foreclosure, Deed In 2 Wks, Ownr To File BK

jeffcc profile photo

I just bought a foreclosure at auction Nov. 4. The bank is LPP Mort. aka Beal Bank. The attorney informed us that the Deed needs to be signed by the VP of Beal Bank in Texas, expect the Deed in 2 Weeks! PROBLEM: The (previous?) owner is going to file for Bankruptcy this week. Of course I'm going to see an attorney tomorrow, but if anyone has any ideas I would greatly appreciate it!

Comments(4)

  • rickpozos8th November, 2003

    If you already bought the property at the auction, then its yours. If owner files bk after the sale, he is out of luck. If he filed before the sale, you can not buy it because it still belongs to the buyer and he has protection from the bk. This is not legal advice, but that is the way it is handled.

  • makingaliving8th November, 2003

    Most states allow exclusion of the primary residence and at least one vehicle when filing bankruptcy. Perhaps your homeowner could "exclude" this property? Or can he wait a coupla weeks?

  • jeffcc9th November, 2003

    Quote:
    On 2003-11-08 22:27, makingaliving wrote:
    Most states allow exclusion of the primary residence and at least one vehicle when filing bankruptcy. Perhaps your homeowner could "exclude" this property? Or can he wait a coupla weeks?

    I Bought the property at auction. The former owner is still living there and plans to file BK this week. I would like to work with him but he does not want to move and I feel would not be open to negotiations since there is substantial equity in the house. I would like to evict him but I do not have a signed Deed from Beal Bank yet.

  • Wingnut9th November, 2003

    This is my opinion. I had the same thing happen to me about 2 years ago. I purchased the property and found out that the very next day the people filed bk. Well, I still went along with the eviction process, and it took me 3 months to evict them. Bottom line, You bought the property. As long as you paid for it, its yours. If are willing to work with the former owner be carefull, remember they lost the property because they didn't pay their mortgage. This is my oppinion. I hope you can get things worked out and some $$$'s in you pocket.

Add Comment

Login To Comment