Bankruptcy Delay Opportunity

[John E Ceisel]

Hello BP!

I am following a foreclosure where the auction was delayed due to bankruptcy filings.  Because I do not have the cash available to buy at auction, I'm hoping this is an opportunity to contact the current owner and pursue a purchase outside of the foreclosure process.  

The previous owner passed away, but I believe he signed over power of attorney to his wife or a family member beforehand.  

My question is whether or not somebody with power of attorney can legally sell a property once the foreclosure process has already begun during a bankruptcy stay. 

[Jean Norton]

Hi John!

Once in bankruptcy, the bankruptcy trustee owns all assets.  You can approach the Trustee and negotiate a price.  It's even possible to get the Trustee to help you negotiate a short sale with the lender.

Jean