We had to sell virtually everything we owned so we would not default with our commercial banks and or file BK. 

If the amount paid to purchase an existing note is below the principal balance or more correctly, the unpaid balance, the investor will benefit from an early payoff to the tune of the discount.  

A lawyer or CPA will handle all the filings for you, including obtaining your EIN, filing the SOI and BOI, and ensuring compliance with the California FTB.

Hi @Lena Truong I've bought assets from AHP and Jorge Newberry is the principal and passes the integrity test with flying colors.

Chimene filed for Chapter 7 bankruptcy2. 

We have been given access to the online files, which is full of motivational paraphernalia and very little finance information.

I then went to the court house and filed a wrongful detainer.

This would be ideal in terms of cash flow (after a few years) and equity appreciation since you'd be achieving tremendous returns on limited equity in the form of appreciation, principal paydown and tax benefits aside from only cash flow. 

For simplicity, I've assumed no principal paydown on the original $300,000 mortgage.After two years: $400,000 × (1 + 8%)^2 × 75% - $300,000 ≈ $49,920After three years: $400,000 × (1 + 8%)^3 × 75% - $300,000 ≈ $77,914After four years: $400,000 × (1 + 8%)^4 × 75% - $300,000 ≈ $108,147While the above example is oversimplified, the concept is valid.

I think PG&E actually filed bankruptcy from that.