Thus far they have determined that a 50% haircut on debt is not a default, and JS is proposing that a 70% haircut on debt will also not be declared a default.

The seller is behind on mortgage payments two months and is behind around $2,000 in back taxes .she told me that she has declared bankruptcy as well.

The homeowner had declared bankruptcy and had not paid property taxes since 2008, total taxes and municipal liens total 28k.

You now need a Declarative Judgment from a Court of Law.

They are a complete pain when one of your renters declares it was mailed or otherwise submitted but must be lost.  

In 2010, a Bankruptcy was declared, and through the bankruptcy and Save Your Home California Program, the real estate debt was partially written off.

If your goal from the beginning is to assign the contract, then the contract you signed is automatically be declared null and void. 

Otherwise you've got to declare only the Fair Market Value of the improvement (if any at all). 

If you'd have to declare bankruptcy, chances are you'd avoid that by taking out a HELOC or selling your house to avoid it, right?

Obama is as big of a joke as this country has ever seen.From bowing down to the saudi king, to declaring that we are "Not a Christian nation", to disarming our military, to not not doing ANYTHING about north korea etc.