I have identified 2 properties that I would like to buy that are not on the market because I know the owner, and he is willing to do a deal.
The issue is he is scared to really move forward because he filed for bankruptcy and these houses were named in the bankruptcy. After checking with the city records the properties still show up under his name, as a tax delinquent going back about 5 years on both houses.
He said that he is afraid to move forward because he thinks that if we try to work something out the mortgage company will come after him.
What to do, what to do...any suggestions BP Fam?
I figured a good real estate lawyer in Philadelphia PA would be able to help on this.
Is the BK over with, discharged? Assuming it is, the first question is how much is owed on the properties.....most likely much more than they are worth, or they would have been sold in the BK. The likely option for these is a short sale, with all that entails. The bank Will be foreclosing eventually.
@Wayne Brooks he didn't tell me what was owed, but I think he knows. He did say he is going to check on that now for me which is a step in the right direction. Is their any way for me to do a subject to agreement so that i make the payments assuming the numbers work for me? Before they go into foreclosure? I assume this will force him to communicate with the mortgage company again which is what he is afraid of.
thanks for the responds too, much appreciated.
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