Bankruptcy Short Sale
I am trying to get a property short-sale that is now in a Chp 7 filing. Additional complication, in Health receivership, they are doing about $30K in rehab, and it will be a lien on the house, second only to taxes.
The bank says I need to get permission to buy from the bankruptcy ttrustee. I will be calling him tomorrow to discuss.
Is a 7 more or less difficult than a 13? Or both tough, but different? I can get the owner to change to a 13 for now if need be, but can he then change back or will he be stuck? He is self-filing, BTW, cannot afford the attorney fees and about to lose his house as well as this property. He is going for a free attorney consult this week, however.
Has anybody done this? Any success or just a walk on the wild side with no profits? If it can be done, this would be a good one, because it is a 4-family in N MA, mostly renovated, decent value after the indicated short sale value from the bank.
Your input requested, appreciated! Thanks.
[ Edited by sherwoodne on Date 11/19/2006 ]
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