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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Good deal? Posted by Gary on August 20, 2003 at 4:20 PM I spoke with a guy who holds the 2nd and 3rd positions on a property. He is willing to sell the two loans to me for 75K (the two liens plus 18K to bring the first current). The total of all the liens plus the default payoff is 350K. There's around 100K equity. He says the owner filed a BK, but he's working with his attorney to throw the BK out. He says if I want to go through with the deal, he'll give me his attorney's number so we can work on throwing the BK out, then I could turn around and rehab it for 10K or so, and sell it for FMV. He says he's old and wants nothing to do with rehabbing and selling this property. My questions are as follows: How would I take ownership of the house if the BK is thrown out? Is it worked out some way in the BK throwout that I get the house as is? Follow Ups: Re: Good deal? jom-CA 4:38 PM, 08/20/03 (1) Re: Good deal? Gary 6:24 PM, 08/20/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : I spoke with a guy who holds the 2nd and 3rd positions on a property. He is willing to sell the two loans to me for 75K (the two liens plus 18K to bring the first current). The total of all the liens plus the default payoff is 350K. There's around 100K equity. He says the owner filed a BK, but he's working with his attorney to throw the BK out. He says if I want to go through with the deal, he'll give me his attorney's number so we can work on throwing the BK out, then I could turn around and rehab it for 10K or so, and sell it for FMV. He says he's old and wants nothing to do with rehabbing and selling this property. : My questions are as follows: : How would I take ownership of the house if the BK is thrown out? Is it worked out some way in the BK throwout that I get the house as is? 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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