Nonperforming Second Note Purchase with BK

[Bob Flynn]

I've made an indicative bid on a second mortgage that is nonperforming. The first appears to be performing.  The combined loan to value is probably about 80% so there is equity here.  I've reviewed the borrower's credit report as provided by the note seller and it appears that the buyer filed for Chapter 13 back in 2009. Does anyone have experience buying non performing seconds where there is an active bankruptcy? How do I determine if the home is included in the bankruptcy? Has anyone heard of a Chapter 13 taking this long? How do I get more details on the bankruptcy if not from the note seller?

[Tyler Sterns]

Are you sure that the bankruptcy is still active? Using pacer you can pull any document from the BK petition. Each pages costs 5 cents I think. There should be something called the plan. The plan will tell you if your note was included in the resolution of the BK.