Follow up- bank note for sale, expecting all out WAR - Posted by Ben (NJ)
Posted by Ben (NJ) on March 18, 2000 at 15:23:52:
This is a follow up from a post of last week where I said I was foreclosing on a $50,000 tax lien and had the opportunity to buy out the junior bank note on the property for $237,000 and continue my foreclosure ending up with a $500,000 house. Well, I found out for sure by getting the
previous foreclosure file (remember this is the SECOND one for the bank) and as suspected the guy pulled every trick in the book, he filed BK for himself which took time to dismiss, then after that filed on behalf of his WIFE. To make a long story short I offered the bank $100,000 for a $237,000 note figuring the discount would compensate for the aggravation but they rejected it without countering and will just pay off my lien. Oh, well only a 20% return on this one but can’t complain. Thanks to John Behle for your help!