Bob proposed the following plan:He puts a sign up in the yard, "creative financing, bankruptcy/bad credit okay, zero down!

Has anyone managed to find sellers who are in bankruptcy but about to be kicked out of bankruptcy ?

Countrywide was/is on the verge of bankruptcy prior to this purchase.

I wanted to know what methods are there other than bankruptcy to stop a home from going to auction.

Either way, I didn't want to be stuck and unable to access my money for however long it took to get things figured out......Sorry to digress here.They're FDIC, and I don't have >$100k, so I'm covered.How long do you expect it would take to actually get the money back if they do declare bankruptcy?

_r=1&ex=1361854800&en=a0d3a8e949e5d566&ei=5088&partner=rssnyt&emc=rss&oref=sloginThe article begins as follows:"President Bush sided with banks and mortgage lenders on Tuesday, threatening to veto a bill being offered by Senate Democrats that would give more bargaining power to homeowners who face foreclosure.Opening what is likely to be an intense political battle in the deepening mortgage crisis, the White House said it strongly opposed the bill, which would let bankruptcy court judges modify the terms of a mortgage as part of the restructuring of a debt in a bankruptcy filing..."

ie - Divorce, bankruptcy, etc.I was thinking of launching an internet marketing campaign but I wanted to measure the pulse of the wholesaling community to see if its worth it.The cost of the probate leads is minimal because I get the leads and do the mailings myself.The bandit signs get pricey but pay for them selves 10 times over with one deal.I'm looking for a cost effective way to drive more leads into my pipeline so I can increase my deal flow.

We have been reading but not been able to get the full understanding of how to wholesale pre-foreclosures, foreclosures, and bankruptcy properties.

Financing long-term projects with short-term capital is the classical road to bankruptcy.

"they owe the bank $295,000"NO according to YOU she is on title but not the mortgage.If that is true she owes NOTHING to the bank.She just has a partial ownership by title with a property that is underwater in value.Even if it forecloses she can milk some more months as a "tenant at will" before the bank can get her out.Usually they will offer "cash for keys" for her to move.This time of year with court delays for evictions it would most likely take the bank awhile to get her out.She could always try to get the husband to sign an "authorization to release" from giving her the authority to speak about the loan to her.With an underwater house most owners/tenants just care about the mortgage payment.Example house was worth 200k but now worth 130k.Mortgage payment is currently 1,600 but owner/tenant wants payment of 1,100.The bank might readjust the loan payments rather than foreclose and take a big loss.It depends on what type of loan it is and who owns it and workout options.If you bought it for cash at foreclosure then she could stay as a tenant and you have her sign a lease and she rents from you.The details will be based on a state by state basis with time lines and risks involved.She could try to buy the note at a discount or get an investor to try to purchase it on a short sale and rent to her etc.The confusing part of your statement is you said she had 150,000 cash but yet recently filed bankruptcy.Are your sure the husband didn't file bankruptcy and she received the money from the proceedings??