twinformation
Junior Member
What is the name of your state? Missouri
On a property in bankruptcy/forclosure (been in for amost 4 years):
Does the trustee/bankruptcy attrny handling bankruptcy present contract for purchase to the mortgage holder? Or the judge in the bankruptcy? The bankrcty attrny advices me that the mortg/bank will not likely accept less than the arrears amount now owed (orig mortgage + 4 years of non payments interest etc.) Is this the norm? Wouldn't the lender normally be willing to negiotiate or accept an amount to cover the orig loan amount that they are stilll out? If the bank is willing to do so, is there a certain normal amount (% of home value) they are likely to accept? Does the bankruptcy attorney or the judge work with the mortg holder to work something out? Does the bankruptcy parties (orig owners) have first right to accept or reject a contract for the property? If it's for less than the $$ amount needed to get them out of the bankruptcy does their bankruptcy attorney work with them and the mortgage holder to come to a workable solution, or does the mortg holder just say no and let the thing fo into final forclosure after the bankruptcy party can't make their obligation to repay? Let's of questions! I have never made an offer on this type of property before and appreciate your opionions as I am not convinced the bankruptcy attny and my own attorney are trying to work out a deal on this amoungst themselves...since I brought this to my attorneys attention. Thank you!
On a property in bankruptcy/forclosure (been in for amost 4 years):
Does the trustee/bankruptcy attrny handling bankruptcy present contract for purchase to the mortgage holder? Or the judge in the bankruptcy? The bankrcty attrny advices me that the mortg/bank will not likely accept less than the arrears amount now owed (orig mortgage + 4 years of non payments interest etc.) Is this the norm? Wouldn't the lender normally be willing to negiotiate or accept an amount to cover the orig loan amount that they are stilll out? If the bank is willing to do so, is there a certain normal amount (% of home value) they are likely to accept? Does the bankruptcy attorney or the judge work with the mortg holder to work something out? Does the bankruptcy parties (orig owners) have first right to accept or reject a contract for the property? If it's for less than the $$ amount needed to get them out of the bankruptcy does their bankruptcy attorney work with them and the mortgage holder to come to a workable solution, or does the mortg holder just say no and let the thing fo into final forclosure after the bankruptcy party can't make their obligation to repay? Let's of questions! I have never made an offer on this type of property before and appreciate your opionions as I am not convinced the bankruptcy attny and my own attorney are trying to work out a deal on this amoungst themselves...since I brought this to my attorneys attention. Thank you!