InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Annual Reunion Speaking Schedule Store Foreclosure Fundamentals Code References 50 State Foreclosure Basics Foreclosure Glossary Foreclosure Statistics 70+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map About Us Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Anyone who has an ownership interest or a lienholder's interest can use bankruptcy as a shield Posted by Karlos on December 28, 2010 at 10:48 AM In Reply to: Anyone who has an ownership interest or a lienholder's interest can use bankruptcy as a shield posted by Ward-CA- on April 23, 2002 at 7:41 AM : : Is it the trustor or the owner that can file a BK to delay a sale? : : I have a pre foreclosure property quit claimed to my trust. Can I buy some time to put a deal together by quit claiming to an LLC (which I can create for $35.00) and then Bankrupting the LLC? : : Speaking of BK, if a homeowner has filed ch 7 and has been discharged before the trustee sale, can he now quit claim to me without needing the BK trustee's approval? : : Thanks for the great site. : : Brian : =•=•=•=•=•=•=•=•=•=•= : Brian, : A property owner can file a bankruptcy to delay a trustee’s sale. Also a beneficiary of a junior trust deed secured by the property in foreclosure can use a bankruptcy to delay the foreclosure sale of the senior lien. : Yes, you could transfer a property that’s in foreclosure into the name of an existing LLC and then file a Chapter 11 bankruptcy for the LLC to temporarily stop the foreclosure. : Once a party has been discharged from bankruptcy he is free to negotiate and sell whatever he owns on his own without the further approval of the bankruptcy court. _________________________________ Question, anybody can answer? What about if I just tranfer from my name to a Title holding trust. Can the Trust file BK? what chapter here? Just need temporary delay to finish shortsale. Help please, tell me the process? Christian Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : Is it the trustor or the owner that can file a BK to delay a sale? : : : I have a pre foreclosure property quit claimed to my trust. Can I buy some time to put a deal together by quit claiming to an LLC (which I can create for $35.00) and then Bankrupting the LLC? : : : Speaking of BK, if a homeowner has filed ch 7 and has been discharged before the trustee sale, can he now quit claim to me without needing the BK trustee's approval? : : : Thanks for the great site. : : : Brian : : =•=•=•=•=•=•=•=•=•=•= : : Brian, : : A property owner can file a bankruptcy to delay a trustee’s sale. Also a beneficiary of a junior trust deed secured by the property in foreclosure can use a bankruptcy to delay the foreclosure sale of the senior lien. : : Yes, you could transfer a property that’s in foreclosure into the name of an existing LLC and then file a Chapter 11 bankruptcy for the LLC to temporarily stop the foreclosure. : : Once a party has been discharged from bankruptcy he is free to negotiate and sell whatever he owns on his own without the further approval of the bankruptcy court. : _________________________________ : Question, anybody can answer? : What about if I just tranfer from my name to a Title holding trust. : Can the Trust file BK? what chapter here? Just need temporary delay to finish shortsale. : Help please, tell me the process? : Christian [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-date("Y"), InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455