All Forum Posts by: Ron S.

You have to get reliefe from stay. The BK stops the eviction. The occupant has an interest in the property now, if not ownership so, the property has to be abandoned by the trustee. It will be, after you file your motion and have your hearing.

I would not suggest a "Self Help" eviction at this point or you risk getting Federal Bankruptcy Court enemies that won't take kindly to your actions.

Wait. File the motion, file an ex parte motion if you have the funds to do so, appear in court, explain to the judge that you have a writ and are evicting and they filed the BK only to stall the eviction. They will abandon the property and then you can proceed.

Yes, anyone can buy it after foreclosure. Maybe it wasn't because it was a relative but instead because the offer was too low to purchase the REO?

Don't waste your time thinking the bank will allow you to assume a loan regardless of how slick you may be in negotiating.

...what Mathew said much more eloquently than I said.

I'd add as a measure of caution...talk to the BK attorney prior to entering into the contract, not just prior to closing, as you may be sued for performance or at least liquidated damages if the buyer went into contract with you in good faith and you ended up having to back out.

@ Devan - First, no one at the bank is going to talk to him, even with a 3rd party authorization. They are going to politely tell him that they having nothing to discuss with him. If it's a full payoff of the debt, the borrower can request (But not get any certainty) a postponement of the sale but I wouldn't bet on that if the sale is within six days. Second, if the guy files bankrutpcy, no, you can't sell the property without trustee approval and if you sell (or buy) the property within close proximity of the bankruptcy filing, you could risk having that sale invalidated by the bankruptcy court and, it doesn't matter what type of bankruptcy it is, all assets belong to the trustee until or unless the trustee abandons the asset.

The bankruptcy will stall the sale in foreclosure for sure and as Jorge points out correctly, the seller would have to file a motion to sell the home and the trustee would have to agree.

and yes...speak to an attorney as others have pointed out. Selling a home a week before sale could create the presumption of abuse in a bankruptcy court.

I don't fully get your question. Signals don't imply homeowners facing foreclosure need to sell. Signals imply they are having trouble making their payments for one or more reasons.

If you are typing your post on your smart phone or a pad, wait until you are on a large screened PC as your message was almost painful grammatically to read.

Many of us have...

Personally, while the upside is known, the downside isn't. Based on that, I usually like to watch the chaos from the sidelines and back out of any scenario similar to this and instead, focus my objectives on deals where the downside is also as finite as it can be. You have limited upside potential in this deal and unlimited downside.

Can you get a permit for the renting of the other units? Can you get by the non permitted additional building of the units retroactivley permitted?

The bank doesn't make that determination. Fannie/Freddie review the offer and instruct the bank on what response to provide. That said, I agree with the other posters. Offer what you are willing to spend and let the chips fall where they fall.

It's too late once you are about 30 days from sale. I'd start as soon as possible upon the filing of the notice of default.

"Purchasing the home" will require cash. In spite of the multitude of creative ways people out there propose to employ (Subject to, lease options, wholesale, double ended closings, or whatever else) the only sure way to do it is with cash. If you have cash to do so, and your purchase price pays off the debt of the foreclosing entity, it's a simple process. Sadly, its not really ever that simple of a process.

I agree with everyone on the post but....file a motion for what?

You have rights as successor's in interest but, you can lose those rights if you don't bring the loan current. I'd start there THEN get an attorney and file whatever motion you are being told to file.

No "Motion" is going to stop a foreclosure if the loan is delinquent. Even an Ex Parte TRO will only temporarily stop any proceeding that good luck getting one of those.