And ended up having to pull the equity out of my house to defend my position in their bankruptcy.

Or what if they file bankruptcy, what stops the seller from wrapping up this property?  

I still get to include my bankruptcy costs regardless and if they reinstate over the period of the plan, i recoup my arrears, my costs, they get to keep their hom and, we are all better off. 

I am a new agent in the Chicago market and I just filed Chapter 7 bankruptcy 4 months ago.

Most of the time it is because the homeowners have delayed the process with a bankruptcy or other filing.

He filed bankruptcy in the past and these notes were restructured at that time.

I can understand Fannie and Freddie qualified loans required to be made to individuals because LLCs can file bankruptcy and shut down with less consequences than an individual.

Remember, they can always refer themselves😊Now, make it a goal to call at least 5-10 of these people EVERY day and ask a MAX OF THREE off the list below of who they know that:Just inherited a homeHad a loved one pass awayIs behind on their mortgage or tax paymentsHas a relative that can’t take care of their house anymoreHas a house they’re having trouble sellingIs facing bankruptcyKnows a probate attorneyKnows a bankruptcy attorneyetcWhy only three off the list per contact?

According to the auctioneer, it could have been due to bankruptcy or paying back the loan, or something else.Q- Could that something else be an investor getting a list and contacting the owner directly to work something out?

Also check for IRS/bankruptcy liens.