If you buy the note .. then you prosecute the foreclosure you can credit bid note value and all accrued interest etc.. and maybe the opening bid is higher than anyone will bid.. but you can also bid if there is competitive bidding and your credit bid is already in.. so just brings some cashiers checks with you up to what you will pay.OR buy the note and then release the debtor buy doing a deed in Lui.. you would take title with the buggered up issues but if its long term hold who cares right ??

Many other attorneys would be happier putting people in debt to make themselves more fortunate.How do you know that there are no debt or liens attached to this property?

Pay off debt or grow the biz? 

Either way, it should not add much debt or income in any case.

It's psychologically appealing but investors' mortgages are unlike credit card debtors when it comes to paying down that type of debt.I have a $46,000 mortgage and a $110,000 mortgage.

I received a Discharge of Debtor dated 8/4/09 for Kevin Lee Geddes dba (long list)Case No:08-12724 AJ 7 Chapter: 7and Sunee Zrno GeddesStating: It appearing that the debtor(s) are entitled to a discharge, It is ordered: The debtor(s) are granted a discharge under section 727 of title 11, United States Code, (the Bankruptcy Code).

If the debtor has a right to redeem and does so, the junior who purchased the home must be reimbursed.

So here are the numbers:-I have 260k in equity in a triplex I've owned for some time (I also live there)-I have a full time job earning 41 000$/year (been there 5 years)-I get rental income of 850$/month from the unit that's rented-My credit score always hovers around 740-I have no credit card debt or any type of debt whatsoever except for the mortgage on the triplex (155k left to pay)What's the most profitable way to take things from here.

This usually occurs when the debtor has declared bankruptcy or the cost of pursuing further action in an attempt to collect the debt exceeds the debt itself.The debt is immediately written off by crediting the debtor 's account and therefore eliminating any balance remaining in that account.

I for one dreally wanted to go into this NOT having to worry about debt or relying on the rent payments to pay mortgages.