Bankruptcy
Greetings,
A lady called me earlier this evening about a house she wants to sell. She said the balance is around 64k. There is no 2nd. The FMV is around 88-90k. She recently filed bankruptcy and was ordered to make payments every two weeks. She's tired of dumping all her money into this house.
If her case has already been through the courts and a judgement given, what are the options available? Can the house be sold? If not what does she need to do so I can buy her house?
I spoke to a cousin today I didn't know I had. I was trying to get hooked up with access for the MLS. He is a realtor with much experience and a lot of money. During the entire conversation he spued nothing but negativity. Saying things like, you'll be lucky to find a deal out of 50 leads. The FBI is in town looking for people. I came away from that call feeling like throwing in the towel. Does anyone have a pep talk they feel like giving? Man, I need some optimistic positive energy!
Anthony
arborlis.
Glad to meet you.
Did you know that Elvis is alive and well and is living in Memphis. The reason I know is during a lunch conversation I had with him the other day, he mentioned some realtor from Memphis trying to discourage investors from doing deals, so he could keep all the pie for himself.
This deal can be put together however I would not attempt in a post to tell you all the details, like checking the Homestead Laws to see how much equity is exempt, or speaking with the bankruptcy trustee to see if it can be worked out to help this lady.
So Anthony don't be discouraged the impossible just takes a little longer when you are just starting out in your investing career and putting together a creative investing deal for the first time.
I mean if I believe Elvis Lives, then if you believe it you can do it, don't let the non believers pull you down.
John $Cash$ Locke
John, Pleased to meet you as well.
I also believe Elvis lives. When we die and pass through the veil to the other side, we shall see that everyone who has ever dwelt upon this earth, lives. And all the knowledge and experience they acquired while here in mortal probation remains with them still.
Is there an easy way to acquire the knowledge needed to work this deal? I have invested a lot of hours reading and learning about the creative techniques used to make money in REI. I've been drinking the milk and now I am ready for the meat. Any help would be most appreciated.
Anthony
i believe if she is still making payments on the home after she has filed that she has filed "reorganization" i not sure if thats chapter 7 or 13. if she sells the home for any more than the balance the profit will be applied to her b\r and given to the remaining creditors. to buy the home you have to have the approval of the b/k trustee. it can be tricky. the trustee can be difficult to deal with. that has been my exp. here in www.nash.tn. the advice from your realtor/cousin is giving you is "bad" advice. keep reading here for the "proper" advice. ggod luck......kenmax