When a homeowner files Ch.13 and their home loan is part of the case, Bankruptcy Court approval is required for the homeowner to do anything financially where the home is concerned! This (in effect) will protect them from doing anything less than intelligent with their house. People in financial distress typically make rash decisions, and the court will help protect them from themselves.
You can, however, monitor their case. If their lender files a motion to have the stay lifted (an indication that they have not been living up to their end of the agreement) you should approach the owners with an offer to purchase their house. Note: Once the stay gets lifted the foreclosure process picks up where it left off! That means the foreclosure auction could be just days away!
Bankruptcy cases are public record. You can find out the who, what, when, etc. at the following website:
Sign up is free, but it will take about a week to receive your login ID and password.
Hope this helps.
[addsig]
4th January, 2003
From the book,
"How to Think Like a Millionaire" pp. 137
See possibilities wher others see only problems or impossibilities. Stretch your imagination. The world is full of possibilities.
I have recently purchased a $100,370.00 brick home (2000) sq.ft. for $8,000.00 . This is NOT a misprint.
What's the catch? I have to move it in 26 days. I have a licensed,insured, and trusted house mover ready. It will cost 25K to move.
I want to move this to home 5.9 miles to a 2.73 Acre Wooded with oak trees lot in Madison Co., MS. Lot cost 35K. Neighbors home two houses down appraises for $220,000.00.
Will have about $70-85K into this project, want to sell in May, June, or July. Looking at profit between $60-90K.
If you are an investor or know a trusted investor please contact me at 601.951.0437 or thewetclaycompany@copper.net
Willing to negotiate any percentage/partnership deal.
bigdredd,
When a homeowner files Ch.13 and their home loan is part of the case, Bankruptcy Court approval is required for the homeowner to do anything financially where the home is concerned! This (in effect) will protect them from doing anything less than intelligent with their house. People in financial distress typically make rash decisions, and the court will help protect them from themselves.
You can, however, monitor their case. If their lender files a motion to have the stay lifted (an indication that they have not been living up to their end of the agreement) you should approach the owners with an offer to purchase their house. Note: Once the stay gets lifted the foreclosure process picks up where it left off! That means the foreclosure auction could be just days away!
Bankruptcy cases are public record. You can find out the who, what, when, etc. at the following website:
http://pacer.psc.uscourts.gov/
Sign up is free, but it will take about a week to receive your login ID and password.
Hope this helps.
[addsig]
From the book,
"How to Think Like a Millionaire" pp. 137
See possibilities wher others see only problems or impossibilities. Stretch your imagination. The world is full of possibilities.
I have recently purchased a $100,370.00 brick home (2000) sq.ft. for $8,000.00 . This is NOT a misprint.
What's the catch? I have to move it in 26 days. I have a licensed,insured, and trusted house mover ready. It will cost 25K to move.
I want to move this to home 5.9 miles to a 2.73 Acre Wooded with oak trees lot in Madison Co., MS. Lot cost 35K. Neighbors home two houses down appraises for $220,000.00.
Will have about $70-85K into this project, want to sell in May, June, or July. Looking at profit between $60-90K.
If you are an investor or know a trusted investor please contact me at 601.951.0437 or thewetclaycompany@copper.net
Willing to negotiate any percentage/partnership deal.
Best,
Adam