Forbearance Plan
I have an opportunity to buy house in preforeclosure with sub2. Seller has agreed to request for forbearance plan from his lender. However, bank knows that he had filed chapter 7. The house was vacated from chapter 7. Please advise as to what he should write to the lender to be successful in getting the forbearance plan. Can he tell the bank that one of his friends is helping him in saving his house?
If the homeowner filed chapter 7, you would have to call the attorney that is handling the bankruptcy. It may be hard to do a short sale, since all the other creditors are in line to be paid from the sale of the property.
You have to contact all the other creditors to see if what kind of deal you can work out with them.