Short Sale W/Bankruptcy
I am looking to do a short sale on a house with 2 mortgages, but the owner filed for BK after taking out the second. Am asking for trouble with this? The house is already in preforclosure.
I am looking to do a short sale on a house with 2 mortgages, but the owner filed for BK after taking out the second. Am asking for trouble with this? The house is already in preforclosure.
You could probably go through the bankruptsy trustee or www.referee.Make an offer to pay 50% of 2nd mortgage and 80% of 1st mortgage www.balances.If accepted you will probably have to evict the present owners.
I have a friend in a very similar situation. What is the difference in a preforclosure and a forclosure?
Is there a certain timing?
Hi Beachboy,
How long ago did the homeowner file for BK? And has the homeowner been released from the BK, and the stay on the property been lifted?
If the BK attorney lifts the stay, then the bank can continue with the foreclosure. Even though the homeowner has filed BK, they still hold the title in their name so you will have to work with the homeowner as well.
Best of Success!
BAMZ