The owner filed bankruptcy, and the property was being liquidated by Bk trustee.

Hi Wayne,That was also my conclusion unfortunately :( .Also, as per HOA manager, 3 votes came in late in the mailbox, so they don't get counted.I don't know how I should proceed with it, since 60K is a big amount.I wish I could do something :( , as it might lead to bankruptcy and residents selling their homes.

There are 50+ properties in Manhattan and surrounding areas that will be up for bankruptcy liquidation auction in June.

Many mortgage companies closed/filed bankruptcy.

The rules for today are to find off market distressed assets or distressed situations e.g. divorce, bankruptcy, probate, partnership disputes, and compete for those assets.Alternatively, another avenue for higher yields is to look at other asset types such as office, industrial, mixed use, retail, or special purpose properties.

They will still want to get paid regardless of who actually owns the property.All the while the unpaid mortgage payments, late fees, legal fees, property taxes accumulate and become part of the arrears which has to be paid at escrow if you still want to buy and if you can actually buy the property when the dust settles.And to make things more exciting, the borrower can file bankruptcy 10 minute before the sale and then watch heads explode.

If title pays brokerage the full commission and brokerage distributes, my fear would be broker collects X on the last day of the month, files bankruptcy on 1st day of the next month, and then I become a creditor of someone who has no money.  

There also looks to be issues where gaming has expanded with a bailout in Delaware and financial issues in other states (granted bankruptcy is very common even with successful companies as Caesars globally is doing right now) but the point is you need much more than just gambling. 

The problem is that the HOA is broke, has lost FHA status and is under threat of bankruptcy.

In a transaction everyone fights to CYA and pass the potato in case something goes wrong down the line.I have also in addition to these comfort letters seen the lenders ask attorneys for bankruptcy opinion letters.