Help... Another deal, if I may - Posted by Kevin(OK)

Posted by Redline on April 23, 1999 at 13:16:12:

Pipers right (what else is new?) … the house sounds like it’s tied up with the trustee and the court right now. When it hits the bank - jump on it.

RL

Help… Another deal, if I may - Posted by Kevin(OK)

Posted by Kevin(OK) on April 22, 1999 at 23:41:42:

OK., this one is a bit different. $100K FMV home, in default. The owner has filed chapter 7 (the house was included), his lawyer advised them to let the house go (they have just walked away). The home has been vacant since Oct. '98. The home has 2 mortgages against it (one is a second, 125% FMV loan, (“makes me shutter to know they allow such a thing”), both payments are a wopping $1300 per month (at least $300 above fair market rent). My question is: since this is a chapter 7, would the mortgage co.'s be receptive to a low ball offer? Or am I wasting my time?

Thanks!!

Kevin(OK)

Re: Help… Another deal, if I may - Posted by chan

Posted by chan on April 25, 1999 at 17:36:53:

if the first is workable, offer to buy the second at a BIG discount (like, $100, since they are going to lose it all anyway). Then take title subject to the first. Also, your states laws may give a junior lender (now you) the opition of catching up the first and forclosing yourself. NOTE: I have not dealt with bankruptcy and do not know how that would effect this deal.

Re: Help… Another deal, if I may - Posted by Bud Branstetter

Posted by Bud Branstetter on April 23, 1999 at 15:21:37:

Then there is always the appoach to lease it from the owner until a foreclosure is consumated and an eviction is filed. How long does foreclosure take in Oklahoma? Keep in contact with the bankruptcy trustee to find when it will be released for foreclosure.

Re: Help… Another deal, if I may - Posted by JPiper

Posted by JPiper on April 23, 1999 at 24:18:46:

Right now it sounds like you’d be wasting your time…the mortgage company doesn’t own it yet. That is if I understand your scenario.

Wait until the bank forecloses, takes the property back…then make a low ball offer.

JPiper