Lienholder Files Bankruptcy After Doing Sub2 Deal...

i took a property sub2 and am current with pmts. seller waits one year later and files bankruptcy. although i have the deed, and am current on pmts, the seller is still on security deed,can the lender call the loan due? how does this affect me? thanks

Comments(4)

  • hbinc200022nd April, 2005

    How about $500 moving money and make an agreement to pay him $14,500 after you have sold the property.

    Also if one house did sale for $150,500 in the area, why not do a good rehab and try the $185 to $200. You never know who may bite. That way his $14,500 after the sale is just a drop in the bucket compared to your profits.

    HB Inc.

  • InActive_Account22nd April, 2005

    Yeah give him a 14,000 note payable interest only with 5 year balloon.

  • mboysen25th April, 2005

    Counter with $10

  • commercialking25th April, 2005

    Call up the attorney for the forclosing first mortgage. Offer to buy his position for a discount, but not necessarily a big one, say $100,000. Explain that you want to retain his firm to continue to prosecute the forclosure. Offer your owner $10,000 to quit claim his interest and move out. Foreclose on the second.

    Bingo, you are in for $115,000.

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