InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Seller Files BK Posted by SeanW on April 26, 2003 at 5:21 PM In Reply to: Seller files bankruptcy after you purchase at a discount. Yikes! posted by David F on April 26, 2003 at 6:52 AM I'm skeptical a D.O.T. with the seller prior to his quitclaim would help. Wouldn't you just become another unsecured creditor behind everyone else? >>Instead of just verbally urging them to not file for bankruptcy, >>I tell them that if they file for bankruptcy, they will not >>receive the money that's coming to them because it'll be >>intercepted by a bankruptcy trustee. Money speaks louder than words! There's no love lost between the ex-owner and his creditors. I think this sounds like a pretty good plan already. >>(Of course, this would not be much of an incentive if the amount >>the seller owes other people dwarfs the amount he/she stands to receive >>when I resell the property.) Sounds like a good argument to making an effort to buy out the junior liens, rather than just get a release of secured interest. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I'm skeptical a D.O.T. with the seller prior to his quitclaim would help. Wouldn't you just become another unsecured creditor behind everyone else? : >>Instead of just verbally urging them to not file for bankruptcy, : >>I tell them that if they file for bankruptcy, they will not : >>receive the money that's coming to them because it'll be : >>intercepted by a bankruptcy trustee. Money speaks louder than words! : There's no love lost between the ex-owner and his creditors. I think this sounds like a pretty good plan already. : >>(Of course, this would not be much of an incentive if the amount : >>the seller owes other people dwarfs the amount he/she stands to receive : >>when I resell the property.) : Sounds like a good argument to making an effort to buy out the junior liens, rather than just get a release of secured interest. 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

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.

Copyright © 1997-2003, 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