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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Help In Texas Posted by Ben Wells on September 01, 2001 at 10:52 AM In Reply to: Re: Help In Texas posted by Ward-CA- on August 31, 2001 at 8:54 PM Steve, It sounds like it might be too late, but if you can contact the Mortgage holders, you may be able to negotiate a short sale. This requires the cooperation of the homeowner (which I assume you have). You should have done this before Bankruptcy but it might not be to late. You'll save the home owner's credit and get the house you want. I posted a message called Short Sale - BEFORE FORECLOSURE. It explains the details. Ben : : Need some advice. I am interested in a house that is part of a Chapter 7 bankruptcy proceeding. There is a first mortgage of $430,000, a second for $49,000 and a third for $143,000, plus the taxes are in arrears to the tune of $15,000. I expect a foreclosure sale in the next two months, but the creditors' meeting hasn't taken place yet. Also relevant is that the house was on the market for $660,000 for several months with only one bid - mine. The owner couldn't clear title with my bid, so declared bankruptcy. : : So, here are my questions. First, is there any way to get this house without the foreclosure? Second, if it goes to foreclosure, are the second or third lienholders likely to bid, and if so, how much. Third, assuming I can arrange to bid at auction, will the first lienholder bid more than their $430,000? And fourth, if I can't bid at auction, what would the first lienholder likely sell me the property for? : : Thanks much to anyone who has advice. : =•=•=•=•=•=•=•=•=•=•=•= : Steve, the owner could sell the property to you, with the approval of the bankruptcy court. The chances of the junior lien holders bidding at the trustee’s sale are slim and none. : Your bidding competition isn’t going to come from the beneficiaries of the junior liens. Rather it’s going to come from the amateur air heads who seem to have more money than brains and who will bid and bid as if there’s no tomorrow. : Which lien is the subject of the foreclosure? That’s the one that will be overbid by the amateurs up to 80% of the perceived fair market value of the property. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Steve, : It sounds like it might be too late, but if you can contact the Mortgage holders, you may be able to negotiate a short sale. This requires the cooperation of the homeowner (which I assume you have). You should have done this before Bankruptcy but it might not be to late. You'll save the home owner's credit and get the house you want. : I posted a message called Short Sale - BEFORE FORECLOSURE. It explains the details. : Ben : : : Need some advice. I am interested in a house that is part of a Chapter 7 bankruptcy proceeding. There is a first mortgage of $430,000, a second for $49,000 and a third for $143,000, plus the taxes are in arrears to the tune of $15,000. I expect a foreclosure sale in the next two months, but the creditors' meeting hasn't taken place yet. Also relevant is that the house was on the market for $660,000 for several months with only one bid - mine. The owner couldn't clear title with my bid, so declared bankruptcy. : : : So, here are my questions. First, is there any way to get this house without the foreclosure? Second, if it goes to foreclosure, are the second or third lienholders likely to bid, and if so, how much. Third, assuming I can arrange to bid at auction, will the first lienholder bid more than their $430,000? And fourth, if I can't bid at auction, what would the first lienholder likely sell me the property for? : : : Thanks much to anyone who has advice. : : =•=•=•=•=•=•=•=•=•=•=•= : : Steve, the owner could sell the property to you, with the approval of the bankruptcy court. The chances of the junior lien holders bidding at the trustee’s sale are slim and none. : : Your bidding competition isn’t going to come from the beneficiaries of the junior liens. Rather it’s going to come from the amateur air heads who seem to have more money than brains and who will bid and bid as if there’s no tomorrow. : : Which lien is the subject of the foreclosure? That’s the one that will be overbid by the amateurs up to 80% of the perceived fair market value of the property. 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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