Will Bankruptcy Attorney Consider Offers?
If a person is facing eminent dismissal of his bankruptcy case (a motion has been filed to be heard Jan. 29), would it be a dumb idea to call the debtor's bankruptcy attorney of record and ask HIM to convey our offer? Homeowner has been unresponsive. But, would contacting their attorney and advising him that we would like to work with their bank to avoid certain foreclosure do any good? Maybe he could advise them to at least consider it.?!? What do y'all think?
You may do better to get in contact with the bankruptcy court and make your offer through them.
Thanks for the reply. That might make more sense, especially since the bankruptcy court's trustee is the one who filed the motion for the case to be dismissed. He/she might want to help at least one of the creditors to get SOMETHING. Another question(s) for you: in your opinion, think this might work? Have you ever heard of this before? I wouldn't normally go to this much trouble, but I'm thinking there will be a lot of interest in this property at the foreclosure sale...
I would contact at once the Trustee or duly appointed Receiver and make an offer on the property. It is in the bankrupts estate at this juncture. They do have the power to restrain or postpone the sale and accept your offer, if you have made arrangements to satisfy the mortgage now of record.
Yes this is done. With a fair amount of regularity out here in California. It is a most interesting way to gain a property. The stumbling block is only when the Lending Agency will not play and want to take it to sale as they feel they will do better. In view of the recent run up in sales prices, they are alas correct. But the wind is in the trees and the leaves are falling. Only from the higher levels, but thats where historicaly it all begins.
Sincerely, Lucius
Hope this is helpful. Lucius
The Homeowner's participation/cooperation is essential.
No point approaching the BNK Trustee without Homeowner's blessing.
I think the deal is dead in BK court. Judge will dismiss the case and lender will be able to proceed with foreclosure. Not sure why trustee wants to have the case dismissed but it is usually for non payment of plan payment in a 13 case or in a 7 with no equity the trustee will just move to abandon the property.
Good LUCK and Thank You
Hope this helps some
Ted Jr