Posted by John Merchant on May 17, 2005 at 10:53:59:
JB, if she were to buy the lender’s rights, then she’d have the legal right to foreclose…and the “standing” to go into BK court and (with lawyer of course) move the BK court to lift the stay.
Nobody but the lender or its assigns would have that right or standing, so she’s got to become the owner (assignee) of those rights.
Foreclosure seller filed bankruptcy. Now what? - Posted by md_chicago
Posted by md_chicago on May 12, 2005 at 09:32:46:
Hello All,
This is my first time in this forum, but I think my question is relevant. I was wondering what are my options with a seller who stalled the sheriff’s sale by filing bankuptcy. I’m meeting with her tomorrow. I subscribe to the daily law bulletin here in Chicago, and that is how I found out about the sale. Then, I happened to do a name search, and I found out that she filed bankruptcy on April 28th, but it didn’t say if it was Ch. 13 or Ch. 7.
What options do I have in either case? I greatly appreciate your help.
Thanks,
Melanie
Foreclosure seller filed bankruptcy. Now what? - Posted by JohnBoy
Posted by JohnBoy on May 17, 2005 at 10:24:04:
What is your role in this? Are you wanting to buy the property? Are you the seller that financed this buyer and wanting to foreclose? (Ithink this is how John read your post based on what he said) I read it as if you are wanting to know your options to be able to buy it.
What are you wanting to do here?
Have your lawyer… - Posted by John Merchant
Posted by John Merchant on May 12, 2005 at 12:52:16:
Have your lawyer look into it and when time is right and ripe, file a Motion to Lift the BK’s “Stay” and let you proceed with the foreclosure.
Re: Foreclosure seller filed bankruptcy. Now what? - Posted by md_chicago
Posted by md_chicago on May 17, 2005 at 11:35:54:
Thanks for responding to my post. The seller doesn’t want to sell anymore because she may be getting a divorce and she may have to move into the vacant apartment on the property.
My original plan was to get it under contract and sell it to another investor. Oh well. Next.
Melanie
Re: Have your lawyer… - Posted by JohnBoy
Posted by JohnBoy on May 17, 2005 at 10:31:35:
How can she get the stay lifted? If I read her post right it sounds like she is wanting to buy the property. She’s not the seller foreclosing. She said the seller filed BK right before the sale which she found out about this from a legal publication. If she was the seller that was foreclosing she would have been notified by the BK court and not found out about it by reading about it somewhere. I think she wants to buy it. Maybe I’m reading it wrong, but it doesn’t sound like she is the seller foreclosing on the buyer where the buyer filed BK on her to stop her from foreclosing.