Owner filed Chapter 11, and the house is about to be auctioned
Has anyone ever been in a situation where you liked a house that you saw on a foreclosure website, eagerly wants to get it, and during the title and lien search process, you saw the owner filed for Chapter 11. The court document states there is a suggestion of bankruptcy and relief was ordered on 4/2/14. The auction date starts 5/01/15. I am ok with paying off the second mortgage and all liens. I know some will say walk away from this scenario, but I really like the home, is there any advice out there ? Why would the bank still plan to sell the home or do they not know about the bankruptcy ? If I buy the home, what can I do to get the homeowner out of the house. I believe the bank will assign their rights only, but they wouldn't guarantee a vacant home, or provide any other reliefs for me, in the contract that i would sign.