The only way to pull it out of bankruptcy is through a court approved sale of the property. The creditors will all have to be given proper notice. If the owner has in fact filed Chapter 7, then he is out of the picture. Bye bye. You need to be dealing with the bankruptcy trustee.
Florida however does have a bankruptcy exemption for homestead property. If the property is in fact the owner’s homestead it could be exempt from the bankruptcy proceedings but subject to any liens on the title.
I have a specific situation, I had a guy that called me on my ad. He just filed chapter 7 and once to run like mad. I figure that the home is worth 60K He has a first of 38K and a so called second of 10K I pulled up some information on the home and the second is not recorded on FARES. (I think its a personal line) I have not done a pre-foreclosure that is in Chapter 7. I need help fast on how to approach this. How do I pull this home away from the BK and pick it up. I know that there is probably not enough facts but I will post them as I get them. I am suppose to get the majority of the paper work tomorrow.
Jonathan Rexford
Licensed General Contractor
Licensed Mortgage Brokerage Business
Rexford Incorporated
P. O. Box 650099
Vero Beach, Florida 32965
Office (561) 569-4087
Fax (561) 569-0279
Cell (561) 532-0029
Pager (561)458-5658