Please quick help!!!! - Posted by Lonnie B. Turner

Posted by Glenn-OH on June 02, 2000 at 06:57:09:

Note that nothing can be done with the property without the bankruptcy trustee’s approval. Get a lawyer to find out what he will accept, if anything. You might even see if you can structure a deal to allow the residents to move into a less expensive property you arrange, and present the package to the trustee - as an attempt by the debtors to restructure into a more reasonable priced living arrangement.

Please quick help!!! - Posted by Lonnie B. Turner

Posted by Lonnie B. Turner on June 01, 2000 at 19:27:35:

Just talked to a seller who is in bankruptcy!
They want from under their payment which is 1040 & they bought this house a little over a year ago so they have no equity. i want to take this property “subject to” the existing financing and sell on a L/O or Land contract. But I need some hand holding first before I offer them my solution.

  1. At what time is it ok to buy the house when a couple is in bankruptcy. They said that they are going to keep paying the loan until they sell the house. They just want from under the 1040/mo payment.

  2. For you guys in WA State do you guys pay excise tax when the sellers assign their beneficial interest to you when taking a property “subject to”?

  3. What do you guys put for consideration when the assign their beneficial interest to you?