I am not certain why small business owners, the job creation engine of the country, should see their taxes raised in order to protect bond holders of automobile companies or banks, or for union jobs to be preserved in companies that are clearly not competitive.

Chrysler has put forward a plan that gives the automaker’s secured creditors less favorable treatment than other kinds of creditors, and even Fiat, which, Dealscape points out, is not even a creditor at all.Some holders of Chrysler’s secured debt objected to their treatment in court, but the dissident group has fallen apart, and Chrysler’s plan appears to be going forward.The facts in the Yellowstone bankruptcy are unlike Chrysler’s, however.

Very encouraging news for a buy/holder.

She said that the house wasn't being foreclosed or anything but that she was going to pay two months worth of payments in the mail today unless she sold it.Is this a case where the note holder stopped paying on the note and the bank foreclosed?

I had to pay off the land contract holder first.

I don't have enough saved to make a significant downpayment.Another thought is to go back to the current lien holder and see if he is still wiling to subordinate 15-20% or, as Bill Gulley has taught me in another post, ask him to partner with meSo I am looking for your analysis to see if I have missed anything before giving up on this.

Or interest a buyer pays to you as a note holder?

I insure some for liability only, some for an amount I specify, and some for the amount the mortgage holder requires.

@William Shaffer If a house is Vacant AND DISTRESSED there is a significant increase in motivation you just have to make sure you get some type of correspondence to the person in charge of making a decision on that house.If you have an LLC set up you can register with high level skip tracing services like TLO, Microbilt, or Accurint, and track the owners or decision holders down.Barring special circumstances, having 500 LEGITIMATE Vacant and Distressed properties per month, with the correct decision makers contact info, I believe you should be able to get a deal...following the 4-6 multi touch rule.

I have also heard that you can sell a second to the first mortgage holder.