foreclosure is near! file bk? - Posted by luke-NC

Posted by Brent_IL on August 22, 2004 at 17:47:22:

I didn’t quite understand the part about you filing it and letting it get dismissed.

If the sale is set for Tuesday, it’s a fait accompli and no longer in the foreclosure process. The bank is the one that you have to negotiate with. The bank doesn’t care about any subsequent changes in ownership because they have already foreclosed on the collateral pledged as security for their loan. The property is being sold to satisfy the accumulated debt. With 35% equity, they will get their money out without dealing with any subject-to maneuverings.

You may have to get a partner to come up with the cash to pay off the bank at the sale. The price might be bid up by others hoping to capture some of the 35% equity.

foreclosure is near! file bk? - Posted by luke-NC

Posted by luke-NC on August 22, 2004 at 17:10:15:

I have a deal where the seller is letting me take over his property with about 35% equity in it. I have the money ready but I’m waiting for the final title report (property is about 50 miles away). Foreclosure is set for tuesday…

I have set up a corp and had the seller deed it to the corp, but I’m getting cold feet about filing the bk in the company name…

I just want to file it and let it get dismissed to buy a few weeks, but I know this is bk fraud right?
I dont want to get in trouble here…

Any other method i can use? lender refuses to postpone the sale…