Posted by Naomi on September 05, 2003 at 16:31:17:
Go over to www.investorwealth.com They have a course by Greg Doriety about this precise subject. I haven’t gotten it yet myself, but desperately want to. They have teleconferences about it (long overviews of the course itself) and a Q & A session.
Beyond that, you might try contacting the court’s Trustee about it. If you can show them that you’re seriously interested in purchasing the house, sometimes they can help you. In a lot of cases, the Trustee actually gets a commission on sales so yours might be motivated that way.
I’m NOT giving legal advice, just a general direction of action. You’ll definitely want to have your attorney on hand, just in case.
Posted by sheldon on September 05, 2003 at 14:40:35:
Is it possible to buy a house subject to, or for that matter at all, when a seller’s house is part of a chapter 13 bankruptcy?? Bankruptcy took place approx 2 years ago. Seller says the court added some other debt to the loan (how?) and this in turn increased his payments by about 300 dollars. Seller says he wants to sell because he can’t make the payments anymore. He is current
but I don’t know how to structure this deal.
Please advise and thanks in advance.
Re: Buying a house in Bankruptcy - Posted by Bruce Lawson
Posted by Bruce Lawson on September 05, 2003 at 20:45:05:
Hi Sheldon,
You will have to check with the trustee and see if they will permit the sale of the property.
I don’t see the court adding more debt to the loan, if the bank tried to collect more of the interest they are not getting while in 13 that would have to be approved by the court, and he would have be notified on his court report of activity, now I believe that is how it happens.
Providing when the petition was filed he should only have one more year left providing he is on a three year plan. He will be current on all the accounts since most courts I believe do an automatic payment that way they are sured of payment each month.
Again check with the court trustee about the sale of the house everything must go through their office.