Can I work with owner going Bankrupt on L/O - Posted by KimnSc
Posted by KimnSc on January 30, 2001 at 08:42:12:
I have been contacted by two different sellers who are going to go Bankrupt but do not also want a foreclosure.
Thay are willing to give me their houses for the loan balance (which is about $15 and $20,000 below appraised value) but is there a way to protect my interest if they go bankrupt. What do I need to do to protect against leins etc.
What suggestions do you have?? Thanks so much! Also another one I have been talking too is about 5 months behind in her mortgage payments and if I didnt have to catch them up it would be a doable deal. Has anyone had any luck convincing the mortgage co. to deferr payments or something along those lines to make a deal more attractive. I was thinking I could contact the mortgage co. as someone trying to help her with her situation and see if they would be open to that idea. i was not going to tell them I was L/Oing the house just helping her correct her financial situation.
L/O or would something else work better??
Hope I am not asking too much,