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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Negotiating for a junior note... Posted by Ward-CA- on September 25, 2003 at 9:08 AM In Reply to: Jr Bene posted by Derek on September 25, 2003 at 7:40 AM : I am in Arizona. I have an agreement to purchase a 2nd from the lender. I am very confident the home owner will file a bankruptcy to either stall the sale or keep the home. Either way it works for me. I will purchase a 60k note for 12k, and there will be 90k equity once I do this. : My question is, can the 2nd mortgage sell me the deed of trust and promissory note if the borrower is in some kind of bankruptcy? I know that I may not be able to do anything with the note until they are out of the bk, but is it legal to assign the debt to me while the borrower is in bk? : Thanks, : Derek =?=?=?=?=?=?=?=?=?=?= Derek, Yes, the bankruptcy of a property owner does not interfere with the ability of the principals on a junior note secured by the property from wheeling and dealing on their own trust deed with some one else. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I am in Arizona. I have an agreement to purchase a 2nd from the lender. I am very confident the home owner will file a bankruptcy to either stall the sale or keep the home. Either way it works for me. I will purchase a 60k note for 12k, and there will be 90k equity once I do this. : : My question is, can the 2nd mortgage sell me the deed of trust and promissory note if the borrower is in some kind of bankruptcy? I know that I may not be able to do anything with the note until they are out of the bk, but is it legal to assign the debt to me while the borrower is in bk? : : Thanks, : : Derek : =?=?=?=?=?=?=?=?=?=?= : Derek, : Yes, the bankruptcy of a property owner does not interfere with the ability of the principals on a junior note secured by the property from wheeling and dealing on their own trust deed with some one else. 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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