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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Good deal? Posted by Gary on August 14, 2003 at 12:56 AM Ward: I have a question involving a BK. After some research downtown, I was able to reach the owner of a third position lien. The default is on the second, and there is a fourth. There is substantial equity in the property. The problem (I'm guessing) is that the homeowner filed Ch. 13., according to the lien holder of the 3rd (a lawyer himself). When asked if he'd sell, he said he would prefer to wait and see what they work out in the BK, and maybe receive some sort of payback. On the other hand, he would seriously consider selling it for the right price. I gave him a low offer, and he just laughed. So, it's obvious he may want at least 1/2. The principle loan amount of the third is $17,500. Is this to complicated for a newbie, or are there ways to make this work, taking the BK into consideration of course? Also, a BK does automatically cancel the sale, right? Thanks Gary Follow Ups: Re: Good deal? art 2:50 PM, 08/14/03 (2) Re: Good deal? Gary 10:00 AM, 08/15/03 (1) Re: Good deal? art 2:46 PM, 08/15/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Ward: : I have a question involving a BK. After some research downtown, I was able to reach the owner of a third position lien. The default is on the second, and there is a fourth. There is substantial equity in the property. The problem (I'm guessing) is that the homeowner filed Ch. 13., according to the lien holder of the 3rd (a lawyer himself). When asked if he'd sell, he said he would prefer to wait and see what they work out in the BK, and maybe receive some sort of payback. On the other hand, he would seriously consider selling it for the right price. I gave him a low offer, and he just laughed. So, it's obvious he may want at least 1/2. The principle loan amount of the third is $17,500. : Is this to complicated for a newbie, or are there ways to make this work, taking the BK into consideration of course? : Also, a BK does automatically cancel the sale, right? : Thanks : Gary 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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