Bankruptcy property question in Georgia
Hi BP, has anyone had experience(preferably in Ga) with properties where owner was in Bankruptcy? I had a wholesale lead, and the owner wanted to sell the house, and has recently been discharged from Chapter 7. Of course, the bank still has an open mortgage on the house, which now, is double what the property is worth in present condition.
Is this pretty much a done deal, or is there still an opportunity? The homeowner still has the home in their name, had almost went through tax sale multiple times, and the bank never stepped in. Homeowner wants to walk away from the house altogether(needs new AC and Heating as well as maybe 15k cosmetic work) and agreed to sign over the deed for a few thousand in moving expenses.
The mortgage holder has agreed to short sale or even work out payments to stay in the home, however the homeowner still wants to move on.
Any thoughts? Shortsale? Pass altogether, too much headache?
Thanks!