Just Wondering
Owner no longer give a hoot, filed bankrupcy. no longer lives at prop
here is what I found out:
The personal liabillity of the grantors to pay the debt owed to the beneficary was discharged in each of the grantors chapters 7.
the trust deed lien against the prop remains. and in full force and effect.
beneficiery is not seeking to enforce the debt obligation.
Beneficiary is forclosing its lien?
4/1 2 story / big coner lot / decent area
Inside 100% good condition
Needs a new roof and detached garage demo'ed
comps good around 110k+
97k owed
any options here?
[ Edited by jasonkanan on Date 03/25/2004 ]
First of all why are you typing away on this web site? You should be down in the office, home or privy of the Bene of that deed of trust. Think of the stuff that poor man is going to have to go thru. There is no recovery from the old Trustor he dun took the big BK and a 7, he went straight to the heart of the matter no playing around with plans and promises.
Your play is to the Beneficiary. Go talk to him make him a deal. No not for the sums due on the Note and Trust Deed but some lesser amount that you can bargain for. Do your best, shout, yell, plead and oh yes an accasional grovel might help. Knock that price down. Give him a little cash. Take the assignment of the note and also take a Quit Claim Deed to the property from him. Whatever. you might execute a new note to the old owner for your reduced (reduced) price. You might record a new Trust deed.
The away you go to the old owner. See if you can get a quit claim deed from him. if necessary you might give him an unsecured note for whatever value he thinks he might have. You might also if you do this with finess just buy him a drink or two.
OK, then you check the title and if all is right you merely recon everything and you are in title. If thee is a bauble or two just foreclose the Trust Deed that you now own.
You see what I mean? Control of the notes and heavy bargain. Wave your hands, talk about on the Head of your Mother, wave at god, ask him to be a witness of your good intentions. Sort of fun and in the end you got this property for a proper price, a little fix up, sell it and you are done.
Sorta of a lot of fun. Lucius
so how is this for an offering price?
debt owed x .60 - repairs / detrash = offer to Beneficiary :-?