I may have a perfect idea. Please try to shoot it down.
I have a property that we are about to put under contract (wholesale) the homeowner is in preforeclosure but somehow still apparently wealthy. and doesnt care about the house.
Assuming that the homeowner would just go along with it....
Could we by the property subject to, and then have her bankruptcy clear out the rest of the mortgage?
We would have legal claim to the property, but the debt is in her name, which gets cleared @ bankruptcy...
Of course why would she do it? But IF she did.. would we keep that house free and clear?
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#1 Foreclosures Contributor
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- West Palm Beach, FL
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#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
Yeah, you don’t understand mortgages or BK. BK would wipe out their personal Liability for the loan but it does Not affect the mortgage (lien) placing the house as Security for the loan....foreclosure still happens.
They likely don’t care about the house because the mtg is more than the house is worth, and are not “wealthy”.