Pre-foreclosure/Bankruptcy Question??? - Posted by JG-PA

Posted by Gerald-DC on April 15, 2003 at 19:01:42:

If the properties are part of the bankruptcy proceedings, you cannot purchase them anyway until or unless the properties are discharged from the proceedings or the entire bankruptcy is discharged.

You may want to speak to the bankruptcy trustee first before you contact the lender.

Pre-foreclosure/Bankruptcy Question??? - Posted by JG-PA

Posted by JG-PA on April 14, 2003 at 15:32:17:

First a quick thanks to the Vaughn’s and their colleagues for a GREAT convention in Atlanta!!

Question: I’m working a deal where the owner is in bankruptcy and has 9 properties which will be included. (This resulted from an unethical wholesaler and his lack of due dilligence). He tells me he gave the keys to an agent in the area but the property is not listed as of yet because of the bankruptcy.

I’m wondering if this is a good candidate for a short sale or if I would have to wait for the bankruptcy to close??

The current plan is to contact the agent to see the property and see if I can get the name of the lender to start working on a short sale.

Any help would be greatly appreciated!