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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Help-In Chapter 7-can the house be kept? Posted by paladia on March 19, 2002 at 4:23 PM In TN: Say a mortgage co. forecloses on property in November. The owners have long since abandoned the propety and moved on. The mortgage co. lists the house with an realtor and accepts an offer the following February. Just before closing, the bank realizes foreclosure procedures were not completed and has to repeat the process. Between those 3 months, the original owners filed Chapter 7 bankruptcy-which did not include the house (as they thought they'd already lost it). There is little if any equity in the house, and these folks are severely in debt. After speaking with one of the original owners (who are really still THE owners), they are telling me they can keep the house and will do so. Can they? There are $3000 in back taxes owed on this property also, which was included in the purchase price we agree to pay the bank. Is there any kind of right of redemption in this state? We spoke with their BK attorney & Trustee, who said we could purchase the house from them (but would have to sweeten the deal to get them to show up to closing). Why would he say this if there's a chance they can keep their house? Is this owner trying to scare me? Is she misinformed? Or does she have a valid claim? Help-I am in a panick. Advice is greatly appreciated. Thanks in advance. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : In TN: : Say a mortgage co. forecloses on property in November. The owners have long since abandoned the propety and moved on. The mortgage co. lists the house with an realtor and accepts an offer the following February. : Just before closing, the bank realizes foreclosure procedures were not completed and has to repeat the process. : Between those 3 months, the original owners filed Chapter 7 bankruptcy-which did not include the house (as they thought they'd already lost it). : There is little if any equity in the house, and these folks are severely in debt. After speaking with one of the original owners (who are really still THE owners), they are telling me they can keep the house and will do so. : Can they? There are $3000 in back taxes owed on this property also, which was included in the purchase price we agree to pay the bank. Is there any kind of right of redemption in this state? : We spoke with their BK attorney & Trustee, who said we could purchase the house from them (but would have to sweeten the deal to get them to show up to closing). Why would he say this if there's a chance they can keep their house? : Is this owner trying to scare me? Is she misinformed? Or does she have a valid claim? Help-I am in a panick. : Advice is greatly appreciated. : Thanks in advance. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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