Bankruptcy And Sub2
I have just started the Sub 2 process and I just recieved a call from a potential seller. His current situation is that his house is going up to Sheriff Sale on April 14th. He has filed for Chapter 13. theseller's house is worth around $170K(according to comps and the days of market on a couple of these homes in his area were 4 days). Now with that said, the seller owes about $130,000 and his about $8,000 in arrears- I don't know if he has any liens, I will find out tomorrow. I guess what I am getting at, is that there seems to be some equity, but how will the Ch 13 affect me and a potential deal? Thank you in advance!
JerseyJoe
Details, details, the devil is always in the details.
When did he file the Chapter 13? Is the sale on the 14th going forward after the mortgage holder got the stay lifted or before?
Great questions! I don't know the answer to that. I will find out tomorrow at our meeting. Is there any other questions that you would recommend I ask or is there a book or a website that you would recommend I review.
thanks
jersey joe