Wage Earner/Foreclosure?
I spoke to a fellow tonight who is in the early stages of preforeclosure. He's 2 months behind on his payments. He said he recently filed a wage earner. The 1st is 80k and the 2nd is 17k. Not sure yet but I think the house is worth between 100k and 110k.
How should I approach this deal? Will wage earner have any bearing on doing a short sale? Please help.
Anthony
Are you saying that the Homeowner filed a petition for Chapter 13 Bankruptcy (commonly called a wage earner's plan)?
If so....the mortgagees probably won't entertain a short unless/until the bankruptcy is dismissed.
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Put another way the house and any foreclosure process is largely on hold/blocked until the BK is sorted or the property is released from the BK process.
I would keep this on my 'watch" list but making real progress will depend on the BK timeline.
Maybe you can spend more time with the guy trying to understand what his objectives are with the BK and what would help solve the BK issues.
John
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