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Updated about 8 years ago,

User Stats

26
Posts
20
Votes
Melanie Raine
  • Lender
  • Sioux Falls, SD
20
Votes |
26
Posts

Minnesota sheriff sale, foreclosure, bankruptcy guidance

Melanie Raine
  • Lender
  • Sioux Falls, SD
Posted
I'm so glad for BiggerPockets and the help we can get here. I'm in need of some guidance. My girlfriend and her husband got a divorce. The court ordered him to sell the property. Instead, he let it go into foreclosure, then declared bankruptcy. She has been drug through all of this too and her credit is shot, as is her mental and physical health. She wants me to buy the property, finish the rehab, then sell it. She has two months left of her redemption period, she thinks. She's literally been an ostrich with her head in the sand because this is too much for her. But she wants to get something out of the property somehow, so she's proposed that she manage the rehab for me since the property is an hour away from me, then be paid something for her time after the property is sold at market price. So here are my questions: 1. The property is in Goodhue County, MN. Where/how can I find out when the sheriff's sale was and the amount that was paid? In other words, how can I find out what I should pay to buy the property? 2. Since the husband declared bankruptcy, does he have any title rights? 3. Would it even be legal for her to be involved in the rehab and receive payment after the sale? 4. Should I run away as fast as I can from this, or am I being given an opportunity? I don't know enough about REOs and bankruptcy to even know the right questions to ask. Any guidance would be very much appreciated. Thanks in advance! Melanie

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