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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Buy from the current owner or wait for the auction Posted by Paul on April 17, 2002 at 9:02 PM In Reply to: Buy from the current owner or wait for the auction posted by Ward-CA- on April 17, 2002 at 6:03 PM What good would the owner of the foreclosed property have by declaring bankruptcy? Would it be better is an investor paid bought their house from them before it went to the bankrupcy cour hearing? Or would declaring bankruptcy help them? thanks again : : There is a foreclosure home that was going to go up for auction. The owner declared bankruptcy. Can I just by the home from the lender? Can I buy the home from the lender before the auctoin? Can I buy from the lender when the first payment is defalted from the owner? thanks : =•=•=•=•=•=•=•=•=•=•= : Paul, : The lender can’t sell you the property because it doesn’t have title to it. All it has now is an unpaid loan secured by a mortgage that it is foreclosing against. The bankruptcy stops the lender’s foreclosure from going forward to sale until the bankruptcy court gives the lender permission to do so. : So you will have to bide your time until the lender gets their relief from stay. Another alternative is to buy the party who still owns it—the delinquent owner. Follow Ups: Why owners file bankruptcy and why you have to wait 'til after the auction to buy from the lender. Ward-CA- 6:55 AM, 04/18/02 (0) Post a Followup: Name : E-Mail : Subject : Comments: : What good would the owner of the foreclosed property have by declaring bankruptcy? : Would it be better is an investor paid bought their house from them before it went to the bankrupcy cour hearing? Or would declaring bankruptcy help them? thanks again : : : There is a foreclosure home that was going to go up for auction. The owner declared bankruptcy. Can I just by the home from the lender? Can I buy the home from the lender before the auctoin? Can I buy from the lender when the first payment is defalted from the owner? thanks : : =•=•=•=•=•=•=•=•=•=•= : : Paul, : : The lender can’t sell you the property because it doesn’t have title to it. All it has now is an unpaid loan secured by a mortgage that it is foreclosing against. The bankruptcy stops the lender’s foreclosure from going forward to sale until the bankruptcy court gives the lender permission to do so. : : So you will have to bide your time until the lender gets their relief from stay. Another alternative is to buy the party who still owns it—the delinquent owner. 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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