Can they do this??
Hey everyone,
I was reading an article at the CRE online website, called ," Is foreclosure investing for you?"
I quoted the paragraph below. Check this out..
If selling the property made the seller destitute and the seller sold for much below market value--which you hope he or she did so you could make a good profit--the bankruptcy trustee can require you to deed the property into the bankruptcy estate on the grounds that the sale was a "fraudulent transfer," wherein the seller deprived his or her creditors of an asset which could help pay the debts. At that point, you become a creditor of the bankruptcy estate. Is this really what you planned when you bought the "great preforeclosure deal"?
My question is can they do this in Arizona?? 
Come on guys!!
I'm not asking for legal advice, but I am just wondering if you've heard about this or if you think this applies to arizona.
Any comments greatly appreciated!!!
Bginvestor...
bginvestor,
Whenever I have a question about the law I start with the State Statutes in the State that is in question. Go to a search engine and type in Arizona State Statutes this will get you there, then type in foreclosures under search.
When someone answers a question, they may know the law in their State but every State is not the same.
If this does not cover your question then post back and we will see if someone is aquainted with your State law concerning foreclosures.
John $Cash$ Locke
John,
Your are correct sir, I 'll go straight to the statutes and get skinny there..
Oh yeah, your $150 richer today..
Bginvestor
Hi bginvestor,
To give you a hand to the Arizona Revised Statutes, here is a link:
http://www.azleg.state.az.us/ars/33/title33.htm
Best of luck
John (LV)