Ch 13 situation

Posted in Creative Real Estate Discussions
Log In or Join to Comment

You must be logged in to reply to this topic.

Viewing 3 posts - 1 through 3 (of 3 total)
  • Posts
  • Jeff Bowman
    May 9, 2019 at 7:48 am
    Jeff Bowman

    Homeowner has filed for Ch 13 protection and wants to get rid of the house he owns but has had abandoned for over three years. The property in its current state is unlivable and not worth the mortgage balance since it needs some $50K in repairs (landscape, mold, etc). The location is excellent and a high bid sale would get plenty of interested investors fighting over the house if I can get it cleaned up enough for sale. The owner is insisting he gets full price (i.e. the mortgage balance) but seems willing to listen to other ideas.

    I know I need to speak to the attorney to get permission to buy the property but didn’t know if it was worth trying to get the mortgage holder to agree to a short sale which might work just because of the overall condition of the house (I have lots of photos). I thought about subj-to but didn’t know how that would work with Ch 13.

    I was wondering if other members have any thoughts/ideas/suggestions.

    Thanks!
    Jeff

    DON WEDE
    May 12, 2019 at 12:08 pm
    DON WEDE

    You will need to contact the bank court to get the dyay lifted. You need to contact lender for a short sale

    Jeff Bowman
    May 14, 2019 at 2:31 pm
    Jeff Bowman

    Thanks, Don.

Log In or Join to Comment
Viewing 3 posts - 1 through 3 (of 3 total)

You must be logged in to reply to this topic.