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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Multiple Chapter 13 Posted by Jk on September 17, 2003 at 9:30 AM In Reply to: Multiple Chapter 13 posted by Derek on September 17, 2003 at 9:23 AM : After reading some of the recent posts on the board, I am concerned with one of my pending deals. This is only our third pre-foreclosure deal. We are in Maricopa County, Arizona. We have a property where the current owner is not the borrower on the loan. She had the property quit claimed to her 2 1/2 years ago. She has been making payments on the 2 mortgages but has recently fallen behind and the auction is scheduled for September 30th. I have an agreement with the 2nd mortgage to purchase at a discount. I do not have the quit claim deed signed over to me yet. During a walk through last week I noticed an advertisement on her desk from an attorney regarding Bankruptcy. When I asked her about it, she said that she was investigating all her options. The questions I have are ... : 1. If she is not the borrower on the loans (she only holds title on the property via a quit claim deed), can she file a chapter 13 bankruptcy and delay the auction? : 2. If I do get the quit claim deed signed over to me, and she does not vacate the property in a timely manner, can she file a chapter 13 bankruptcy that will jam me up as far as evicting her? : 3. How long can she (and how can she) delay the auction for years as I have read on recent posts? Does she just quit claim the property to her adult son who lives with her and he files bankruptcy, and then to her adult daughter who lives with her and she files bankruptcy and so forth? Is this legal, does this really work? : Even if I don't get the quit claim deed signed over to me, after I buy the 2nd mortgage at a discount there is plenty of equity for me to bring the 1st mortgage current and foreclose myself. I just don't want her to drag this out for years and I get the uncomfortable feeling that if she knows this is an option, she may do it. : Thanks, : Derek 1) YES 2) YES 3) YES & NO it is not legal. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : After reading some of the recent posts on the board, I am concerned with one of my pending deals. This is only our third pre-foreclosure deal. We are in Maricopa County, Arizona. We have a property where the current owner is not the borrower on the loan. She had the property quit claimed to her 2 1/2 years ago. She has been making payments on the 2 mortgages but has recently fallen behind and the auction is scheduled for September 30th. I have an agreement with the 2nd mortgage to purchase at a discount. I do not have the quit claim deed signed over to me yet. During a walk through last week I noticed an advertisement on her desk from an attorney regarding Bankruptcy. When I asked her about it, she said that she was investigating all her options. The questions I have are ... : : 1. If she is not the borrower on the loans (she only holds title on the property via a quit claim deed), can she file a chapter 13 bankruptcy and delay the auction? : : 2. If I do get the quit claim deed signed over to me, and she does not vacate the property in a timely manner, can she file a chapter 13 bankruptcy that will jam me up as far as evicting her? : : 3. How long can she (and how can she) delay the auction for years as I have read on recent posts? Does she just quit claim the property to her adult son who lives with her and he files bankruptcy, and then to her adult daughter who lives with her and she files bankruptcy and so forth? Is this legal, does this really work? : : Even if I don't get the quit claim deed signed over to me, after I buy the 2nd mortgage at a discount there is plenty of equity for me to bring the 1st mortgage current and foreclose myself. I just don't want her to drag this out for years and I get the uncomfortable feeling that if she knows this is an option, she may do it. : : Thanks, : : Derek : 1) YES 2) YES 3) YES & NO it is not legal. 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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