Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
Foreclosures
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 10 years ago on . Most recent reply

Account Closed
  • CLERMONT, FL
0
Votes |
16
Posts

Owner filed Chapter 11, and the house is about to be auctioned

Account Closed
  • CLERMONT, FL
Posted

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.

Loading replies...