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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Finding Bums to file BK to stall a sale Posted by Jk on September 17, 2003 at 9:27 AM In Reply to: Re: Finding Bums to file BK to stall a sale posted by bob on September 16, 2003 at 9:43 PM : : Can someone comment on this post I saw?: : : << Bankruptcy will stall the foreclosure process. Part of a short sale should always include the mention of the owner filing bankruptcy if this sale won't work out. In fact, you could have peopel in the home (or bums on the street) that held a $10 interest file bankruptcy each time the foreclosure got close and stall it for years! In California this is a major industry. >> : : I see this all the time. Each month it is transferred to a different party for usually $1000. There are many people touting the simplicity of doing an emergency BK filling to stop the sale. Lenders must get a 180 day ban to stop the abuse, however some lenders have told me that the courts do not grant these orders easily. I see the same people getting these partial interests and delaying sale. They do not appear to be attempting to save the equity, just stall the sale. I say that because the homes are not listed for sale and the occupants usually do not express any interest in selling. I see this fraudulent behavior as well. I think many of the banks really don't care because alot of the people doing this have 8% - 9% interest loans with lots of equity so they just let the meter run until the property eventually gets sold. If the market turns and rates go higher this may become more of an issue and perhaps the banking industry will pressure law enforcement to start going after these people. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : : Can someone comment on this post I saw?: : : : << Bankruptcy will stall the foreclosure process. Part of a short sale should always include the mention of the owner filing bankruptcy if this sale won't work out. In fact, you could have peopel in the home (or bums on the street) that held a $10 interest file bankruptcy each time the foreclosure got close and stall it for years! In California this is a major industry. >> : : : : I see this all the time. Each month it is transferred to a different party for usually $1000. There are many people touting the simplicity of doing an emergency BK filling to stop the sale. Lenders must get a 180 day ban to stop the abuse, however some lenders have told me that the courts do not grant these orders easily. I see the same people getting these partial interests and delaying sale. They do not appear to be attempting to save the equity, just stall the sale. I say that because the homes are not listed for sale and the occupants usually do not express any interest in selling. : I see this fraudulent behavior as well. I think many of the banks really don't care because alot of the people doing this have 8% - 9% interest loans with lots of equity so they just let the meter run until the property eventually gets sold. If the market turns and rates go higher this may become more of an issue and perhaps the banking industry will pressure law enforcement to start going after these people. 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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