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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Beyond Bankruptcy Posted by Ward-CA- on October 17, 2001 at 5:55 PM In Reply to: Beyond Bankruptcy posted by Eric - CA on October 17, 2001 at 12:57 AM : I have now had a few properties I was tracking have the trustee sale "cancelled" due to the property owner filing for bankruptcy a day or two before the sale. : These houses still have enough equity to make them worthwhile to chase so I wondered what happens in the bankruptcy. If the person can't pay now, I can't imagine them being able to pay later. So how does it work. Does the lender take back the property? Do they wait until they emerge from bankruptcy, get delinquent again and then start a foreclosure again? It just seems to easy to file for bankruptcy and keep your house (easy in relation to living on the street)and avoid payments for some indefinite time period. : My real question should I continue to track this property and if so...how? Are the bankruptcy houses sold some other way? : I know nothing of bankruptcy as you can tell. =•=•=•=•=•=•=•=•=•=•=•=•= Eric, the most popular reason defaulting property owners in foreclosure duck into a bankruptcy is to stall the final day of reckoning for another couple of months of free living. Things will finally come to a head when the owner fails to perform according to their bankruptcy plan and the lender successfully persuades the Court to grant them relief from the automatic stay of bankruptcy. The pending foreclosure action will then resume its inevitable way to the trustee’s sale and be sold to the highest bidder. If you’re smart you’ll track every postponed foreclosure from postponement to postponement regardless of the reason for delay. It’s easy to do—just keep in contact with the foreclosing trustee’s telephone sales line. Follow Ups: Re: Beyond Bankruptcy Eric - CA 11:44 AM, 10/18/01 (1) Re: Bankruptcy bliss. Ward-CA- 4:56 PM, 10/18/01 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : I have now had a few properties I was tracking have the trustee sale "cancelled" due to the property owner filing for bankruptcy a day or two before the sale. : : These houses still have enough equity to make them worthwhile to chase so I wondered what happens in the bankruptcy. If the person can't pay now, I can't imagine them being able to pay later. So how does it work. Does the lender take back the property? Do they wait until they emerge from bankruptcy, get delinquent again and then start a foreclosure again? It just seems to easy to file for bankruptcy and keep your house (easy in relation to living on the street)and avoid payments for some indefinite time period. : : My real question should I continue to track this property and if so...how? Are the bankruptcy houses sold some other way? : : I know nothing of bankruptcy as you can tell. : =•=•=•=•=•=•=•=•=•=•=•=•= : Eric, the most popular reason defaulting property owners in foreclosure duck into a bankruptcy is to stall the final day of reckoning for another couple of months of free living. : Things will finally come to a head when the owner fails to perform according to their bankruptcy plan and the lender successfully persuades the Court to grant them relief from the automatic stay of bankruptcy. The pending foreclosure action will then resume its inevitable way to the trustee’s sale and be sold to the highest bidder. : If you’re smart you’ll track every postponed foreclosure from postponement to postponement regardless of the reason for delay. It’s easy to do—just keep in contact with the foreclosing trustee’s telephone sales line. 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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