Posted by wayne on December 03, 2005 at 09:50:17:
i had this on my computer which i paid for but i deleted it could you post it back for me. thanks wayne
foreclosure pros! bk help joekaiser - Posted by luke-NC
Posted by luke-NC on September 14, 2004 at 09:38:37:
i have a property with a nice equity… payoff of all liens comes to $50k, current value is $95k. problem is that the lender is foreclosing and wont postpone the sale…
I am about to do the deed to corp, and bk the corp…but…the borrower has already filed ch. 7 bk this year and was discharged…i dont want to raise any red flags…
should i do it?
Re: foreclosure pros! bk help joekaiser - Posted by E.Eka
Posted by E.Eka on September 14, 2004 at 12:15:52:
Let this one go…too much headache.
Re: foreclosure pros! bk help joekaiser - Posted by JoeKaiser
Posted by JoeKaiser on September 14, 2004 at 11:38:42:
Trust me, the red flags are raised if you go this route. You’d better be
way beyond worrying about that sort of thing if you seriously intend to
make this play.
It’s aggressive and I warn in my course that you don’t want to be
jerking around lenders in federal court without a very good reason. I’d
guess $45k would be a pretty good reason.
Although I’ve done it many times in the past . . . I haven’t done it in
awhile.
“Should I do it?”
Yeah, like that’s my call.
Joe
Re: foreclosure pros! bk help joekaiser - Posted by Randy (SD)
Posted by Randy (SD) on September 14, 2004 at 09:51:36:
Won’t help, deeding the property to a corporation will have no effect on the impending foreclosure this corporation is not on the mortgage loan therefore they are afforded no protection under bankruptcy laws. Get busy making a valid offer to the lender and request additional time to perform. In
Re: foreclosure pros! bk help joekaiser - Posted by JoeKaiser
Posted by JoeKaiser on September 15, 2004 at 02:23:32:
Huh?
This is like the stuff we dream about. It’s a lot of things, but a
headache woudn’t be one of them.
Joe
Re: foreclosure pros! bk help joekaiser - Posted by luke-NC
Posted by luke-NC on September 14, 2004 at 13:52:45:
I’ve decided to do it, since my buyer is approved for $85k and ready to go…i just need 2 weeks…
i’ve reviewed the possible title issue and the buyer’s lender has said there is no problem…
amazing that the lender won’t budge…but oh well…
Re: foreclosure pros! bk help joekaiser - Posted by Hank FL
Posted by Hank FL on September 14, 2004 at 13:16:18:
Checkmate?
Re: foreclosure pros! bk help joekaiser - Posted by JoeKaiser
Posted by JoeKaiser on September 14, 2004 at 11:35:12:
Ugh, no . . .
Deeding to a corp and bankrupting that corp will in fact grind the sale
to an immediate halt.
Joe
Keep us informed… - Posted by Rich-(FL)
Posted by Rich-(FL) on September 14, 2004 at 21:49:46:
…please let us know how this one winds up.
Re: foreclosure pros! bk help joekaiser - Posted by Randy (SD)
Posted by Randy (SD) on September 14, 2004 at 11:50:58:
OK? Learn something new every day, thanks for keeping me honest. Question: Does the same hold true for another type of entity (Land Trust, LLC)?
2nd question: I have a motivated seller wishing to delay a foreclosure allowing time to sell their property to me, your saying if they deed it to a corporation (or other entity) that entity files BK delaying the foreclosure for?. 30-60 day?s, that entity could then sell the property as long as the underlying liens were satisfied?
Re: foreclosure pros! bk help joekaiser - Posted by roundhouse
Posted by roundhouse on September 14, 2004 at 14:52:38:
The lender doesnt want to delay the forclosure cause THEY want the $50K equity !
Re: foreclosure pros! bk help joekaiser - Posted by todd
Posted by todd on September 14, 2004 at 20:25:16:
OK…this is probably a stupid question but… I thought the lender can only recover the amount of the debt owed and any fees… or am I way off base.
thanks for your time.
Todd