He's positive he will be a multimillionaire (if he isn't already), he's positive he'll achieve every dream he wants and he's positive he's going to run into some frozen pips and bad tenants on the way that needs dealing with.

I would MUCH rather be there than in the frozen tundra.

I also asked what the balance was in the frozen account, the woman said it was a negative over 850 million dollars.

I haven't heard about REO sales being frozen.

Then, the money is not in the HELOC account and can't be frozen by the lender.Where else can you find money that cheap??

Frozen pipes are a real bear.

I couldnt mop tar,,,no equipment for it,,,but I could shingle.Standing seam metal would be a great product for changing from flat to pitched.Minimum pitch here 4 /12 5 and 6 /12 even better for high rainfall/snow load areas,,,costs very little more.walking on the frozen roof can damage it also,,as well as scoop dings.

Even an inspection only goes so deep.Areas of concern would be frozen or stolen pipes.

April your friend is buying time.They will have no motivation to sell to anyone after the BK filing.Until the filing their back was against the wall.Now they can breathe a sigh of collective relief for a few months at least.When you file typically most do a chapter 13.You have go through a meeting of the creditors along with a conformation hearing down the road where the plan is approved.Lower payments do not really happen in a 13.A chapter 13 usually lasts 3 to 5 years on the repayment plan.The trustee payments and attorney payments are front loaded before the creditors so they get paid first as they know most cases will get dismissed.With reduced payments on the mortgage you are talking about a forbearance plan with the banks loss mitigation department or a permanent loan mod.If someone has crap credit already they might could care less and file BK.They can get many,many months of free mortgage this way.If you don't make the regular payment the lender will file for a "relief of automatic stay" and if you don't make the BK payment the trustee will file a motion to dismiss.Since you are creating an additional payment for the back payments owed on the mortgage plus any other creditors included you are not doing anything.If your friend owes a ton of other debt as well a chapter 7 might be best.In a chapter 13 your credit is frozen in the crapper for the term of the plan 3 to 5 years.In a chapter 7 you are immediately liquidated and can build credit back much faster.Attorneys want that money.Many in my area will file chapter 13 to get started for 75 bucks!

We're not overly concerned about accounts being frozen.