Posted by John Behle on February 10, 2000 at 22:23:11:
Your strategy sounds fine, but I would post this over on Newsgroup 1. Many of them do a lot more with MH’s and paper than me.
MH in Bankruptcy Question - Posted by Chuck-NY
Posted by Chuck-NY on February 10, 2000 at 10:42:39:
I have a seller who has a 1985 14 x 70 3/1
MH that is in bankruptcy. She said the court
wants her to sell the MH.
What would be the best way to go about “safely”
purchasing this MH?? The selling price is WAY
BELOW value. I’m concerned the courts might
not let this MH go for $700.
My plans are to contact her attorney to discuss
the situation and to contact the loan company
which is owed about $1,500 but will accept a
50% discount. I’m thinking of purchasing the loan
for that discount.
The MH also has to be moved off the private land.
If I don’t buy the loan I may consider offering
her a $50 60 day option to purchase and find a
seller with $1,000 down who will pay for the move.
Then get monthly payments once the MH is set up
in a park.
Any help or suggestions would be greatly appreciated !!
Chuck