I think the lenders are just trying to screw consumers with another way to drive them into bankruptcy.

The primary stock holders in the company filed personal bankruptcy and even though the corporation did not file chapter 11 the property was taken since they were the primary share holders.

I have recently started working as a wholesaler and have run into someone who is currently in bankruptcy.

Ended up in bankruptcy and a whole big mess.

Realtors are considered "experts" and they shouldn't be trying to negotiate preforeclosures because that might end up with you in court.The truth is that investors can really make people happy by solving their problems while still putting a little coin in the piggy bank.Remember: the purpose of bankruptcy and foreclosure are to minimize losses to lenders while redistributing assets to make them productive again.

And, question 2: How does this affect me if the seller files bankruptcy in the future?

They have filed bankruptcy.

bvellmure, a bankruptcy would be able to stop all creditors in their tracks, including the judgement..

I've actually rented to someone who declared bankruptcy in the past (they told me about it before I saw it on their credit report), and they'd been working on improving their credit since then -- turned out to be a fine tenant.

Dear Complete,Rules may be different in your state, but typically homestead applies on an owner-occupied home where the owner has filed for bankruptcy and the trustee (the bankruptcy trustee) has forced the sale of the property.