All Forum Posts by: Greg Moskalenko

@John Slater It was chapter 13 and yes, to slow down the foreclosure.

Wayne, agreed. While we can remove the foreclosure motion, there is nothing that we can do for the bankruptcy situation for the time being. Is this a show-stopper you think?

Hey guys,

I know one of you out there will have a good idea here...

So my father owns a property in California (Los Angeles) that currently has a market value of ~$820K. He bought it back in 2006 for about $500K. Since he made interest-only payments, that is still the amount owed. 

He recently filed for bankruptcy and the home is in a foreclosure motion.

Does the following idea make any sense?

- I add myself to the home title

- Refinance for a $500K loan to pay off the amount owed by my father and bring home out of foreclosure (there will be at least 20% equity in the home)

- Then either sell the house for market value or rent it for a few hundred bucks cash flow

So my questions are:

1. Is this possible>?

2. Are there any legal implications?

3. Will it mess up my credit?

4. Should I pay off the past-due amount to bring it out of the foreclosure motion, or wait until the refi?

Any and all answers would help. Thanks everyone!