this is a non performing second mortgage and the owner is in bankruptcy.  

Hello,I'm planning on accumulating several dozen single family homes with cash over the next year, and then getting a non-recourse loan so I can leverage up the portfolio (without risk of personal bankruptcy).  

You can search by practice areas (real estate, bankruptcy, etc.)

It allows me to aggregate data on what is going to auction and couple that data with notes from our drive by, property stats, delinquent property taxes, info from bankruptcy court, the title search, our valuation, maintains the sale calendar, and practically eliminates human error.  

Minimum of 2 years from Chapter 7 or 13 bankruptcy discharge Minimum of 3 years from Preforeclosure, short sale, deed in lieu, foreclosure from discharge date or release date.Down Payment Requirements The borrower is required to make a minimum down payment into the transaction of at least 3.5% of the lesser of the appraised value of the property or the sales price.

What if he files for bankruptcy?

Don't some sales have to be approved by the bankruptcy lawyer?    

If the borrower declares bankruptcy or folds their company you will be the last in line to be repaid which means you will not be repaid.

And then I just know I'll be responsible for this.I am strongly against this because (a) they pay me late each month and (b) recently have gone through bankruptcy. 

In order to take care of her grandson she needed to stop paying on her home in order to pay her rent, she ended up filing for bankruptcy etc, etc.