NEED HELP!!! Property going to Forclosure this week - Posted by Chris W. (Wash./Md)
Posted by Chris W. (Wash./Md) on March 20, 2000 at 12:34:17:
I have a property that I acquire Subject-To. The homeowner deeded the property into a trust(Bill Bronchink’s personal property trust agreement) and I have 100% beneficiary interest. When I picked the property up it was in pre-foreclosure needing $4100.00 to reinstate and $4k in repair cost. The estimated repairs ended up at $7l. After reinstating the loan, the bank notify me that they miscalculated the reinstatement by $1k and that I needed to pay that along with the next month’s mortgage payment. I was out of money at this time but I had a buyer for the property. So, I gambled knowing that the buyer could purchase the home before foreclosure comes. However, the buyer backed out of the deal two days before closing which was two weeks ago. I wasted almost two weeks trying to get in contact with the buyer to find out what happened or if I could help. Now foreclosure is three days away.
I wold like to know has anyone used Joe Kaiser’s(Emergency Filing Method) where he sets up a non-profit corporation, then he deeds the property into the newly formed corporation and then file bankruptcy on the corporation. This wiil causes an automatic stay that brings all pending legal action to an absolute halt, immediately. The method is suppose to get you at least 30 days to work something out.
Has anyone used this method or any other method that is effective at stopping foreclosure within 2 to 3 days. I’m working out a short sale with the 2nd mortgage holder in which if they accept the loan amount for both loans will be approx. $35K on a property that was appraised at $83k (1st=($30k) + 2nd($18k- $13K = $5K)= $35k ). I don’t think there would be a problem getting a Hard Money Loan at 42% LTV.
Any advice, Idea’s or suggestions would be very much appreciated. Thanks in advance.