Trustee
My daughter and husband purchased a home for $134,000 four years ago. Since that time they had to file for Chapter 13 bankruptsy twice. I would like to purchase the home to save it from foreclosure, the pay off according to the bank is $151,000. The trustee says that he is managing $31,000 (which was decided by the courts they would have to pay back to the bank for defaulting on their payments). I am a little confused now because I am willing to pay the $151,000 the bank says owed on the house and am confused as to what the trustee is saying that to pay the house note off it would have to be for $182,000. Can someone help me to understand what is going on. Thanks
I am sure there are other investors tha are more experienced in this kind of transaction but I would treat it as a short sale. Get an agreement from your kids and a POA and then cut a deal with the bank. Their credit is already shot, and you could pick up this property at a steep discount from what is owed in negotiations with the bank. In fact you might be able to post on this site for soeone in yur area to help you for a fee and walk you through the whole thing.
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