All Forum Posts by: Ibrahim Hughes

You've gotten a lot of great advice here. So no need to repeat anything. But the one thing I have not heard is that your wife is in a lot of danger by remaining in that situation with her sister. I've seen too many situations where the ex comes back and seriously harms both the woman he was abusing along with whoever is there trying to help.

She needs to insist that her sister get on out of there and leave with her now or be prepared to leave her behind and help from afar. I don't know if you guys have children or not but if so, your children need their mother more than her sister does.

@Zelia StAnn

What state are you in? Theoretically what you're asking about is possible. You would have to buy the lien at auction and foreclose. But that depends on your state.

Hi everyone. I'm in the process of picking up a property that was in tax foreclosure before the sellers filed bankruptcy.

The seller's attorney has put forth a request to the court to allow us to buy the property and it looks like it's going to go through.

We haven't seen the court order yet but I'm just wondering how much time the the bankruptcy courts typically allows when granting permission to buy a property. Thank you in advance.

@Brian Schroeder

It can be done. You just have to find properties at a discount. In addition to working with agents also look to work with wholesalers who are known for finding some of the best off Market deals available.

The important thing in working with them is to make sure you have your financing lined up. Preferably hard money or all cash. And be ready to pull the trigger confidently and close within 30 days.

It will be challenging as a new investor because you don't know the market that well and so you may be hesitant in certain areas. Wholesalers like to work with experienced folks who know what they want almost immediately upon inspecting it.

If I can be of any assistance feel free to reach out.

@Moris Reyes

Thanks I'll reach out.

Hi everyone. Let's assume that a property owned by an estate is in foreclosure and interested in stopping it. I'm aware that an estate cannot file a chapter 13 bankruptcy. My understanding is that only heirs of an estate can file.

Is it safe to assume that if an heir files bankruptcy, his or her credit will be impacted? In other words I'm assuming it will be looked at by potential landlords, lenders etc as if the heir filed bankruptcy under normal circumstances?

@Chris Seveney

It's not me it's a family member. He did not probate yet. He's going to attempt it again next week. Apparently he tried right before covid shut a lot of things down out there.

Here in New Jersey, Property owners do not have to rely on the bank for extra time. They are entitled to two 30-day enjoyments without the bank's permission. Even after that additional time can be sought by requesting a hearing with the equity judge.

Are you saying that this is not the case in california?

@Caroline Gerardo

Is that how it works in California? Is it solely up to the banks to give extra time? I know New Jersey is a judicial state and from what I'm understanding, California isn't. But as a judicial state here, the property owner is entitled to two 30-day adjournments.

Are you saying that it's not possible to get an adjournment of any kind in California unless the bank allows it?

@Caroline Gerardo

That's exactly how I would have advised the situation if it was in New jersey. There's a lot of trickery from these Banks about how they're going to delay a foreclosure yet never do.

Thanks much for your response.

@Gene Hacker

Thanks much. I'll check it out.