InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: 2nd trustee's auction, declared bankruptcy. Posted by grg on November 18, 2003 at 3:34 PM In Reply to: 2nd trustee's auction, declared bankruptcy. posted by Sara_CA on November 18, 2003 at 10:21 AM : I am sure this is an intuitively easy question for the experts here, but here it goes: : The 2nd trustee's auction is next month. Homeowner declared bankruptcy. But homeowner is willing to deal with me. What should I do to help them and me? : Thanks. You cant do anything with the homeowner/debtor while he is in bankruptcy. The filing of a Bk results in an automatic stay, which means that NOBODY can do anything with any property in the homeowner's estate WITHOUT the permission of the bankruptcy court. Remember what happens when someone files bk. The debtor, in essence, transfers all rights to all of his property and assets to the bk trustee. So, in other words, the homeowner does NOT even have the right to sell his assets while he is in bk. If you wish to continue to purchase an asset of the homeowner, you better get a decent bk lawyer and petition the court for that right. You might find that you may not even have priority when it comes to the distribution of the homeowner's estate. That is something else you will have to research. Have your bk lawyer pull a copy of the debtor's bk filings and review it. then you can get some sort of idea whether or not you have a shot at any of the debtor's assets. Good luck Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I am sure this is an intuitively easy question for the experts here, but here it goes: : : The 2nd trustee's auction is next month. Homeowner declared bankruptcy. But homeowner is willing to deal with me. What should I do to help them and me? : : Thanks. : You cant do anything with the homeowner/debtor while he is in bankruptcy. : The filing of a Bk results in an automatic stay, which means that NOBODY : can do anything with any property in the homeowner's estate WITHOUT the permission : of the bankruptcy court. : Remember what happens when someone files bk. The debtor, in essence, : transfers all rights to all of his property and assets to the bk trustee. : So, in other words, the homeowner does NOT even have the right to sell his : assets while he is in bk. : If you wish to continue to purchase an asset of the homeowner, you : better get a decent bk lawyer and petition the court for that right. : You might find that you may not even have priority when it comes to the distribution of the homeowner's : estate. That is something else you will have to research. : Have your bk lawyer pull a copy of the debtor's bk filings and review it. then : you can get some sort of idea whether or not you have a shot at : any of the debtor's assets. : Good luck 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

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2003, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455