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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Working in concert with bankruptcy rules... Posted by Ward-CA- on August 29, 2003 at 10:31 AM In Reply to: Buying a house In Foreclouse Not Sold Yet posted by George Norman on August 28, 2003 at 7:33 PM : I have an opportunity to purchase a house that is in Foreclosure at 65% FMV. The owner is in Chapter 13 and has not made any payments in 4 months. In order to sell they must file a motion to sell assets, 45- 60 day process. Can I get a new mortgate, pay off the 1st Mtg and get title to the property without a problem? Can I get title insurance? What are the risks to the buyer and seller doing a deal without getting approval to sell via the bankruptcy court? -=-=-=-=-=-=-=-=-=-=-=- George, Petitioners in bankruptcy cannot transfer away, or further encumber any of their assets while they're in bankruptcy, without the approval of the Court. So you have the choice of either getting the approval of the Court or motivate the owner to get dismissed from the oversight of the bankruptcy court. You won't be able to get title insurance if you can't show the title company that you received the title to the property without any violation of the rules of the bankruptcy court. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : I have an opportunity to purchase a house that is in Foreclosure at 65% FMV. The owner is in Chapter 13 and has not made any payments in 4 months. In order to sell they must file a motion to sell assets, 45- 60 day process. Can I get a new mortgate, pay off the 1st Mtg and get title to the property without a problem? Can I get title insurance? What are the risks to the buyer and seller doing a deal without getting approval to sell via the bankruptcy court? : -=-=-=-=-=-=-=-=-=-=-=- : George, : Petitioners in bankruptcy cannot transfer away, or further encumber any of their assets while they're in bankruptcy, without the approval of the Court. : So you have the choice of either getting the approval of the Court or motivate the owner to get dismissed from the oversight of the bankruptcy court. : You won't be able to get title insurance if you can't show the title company that you received the title to the property without any violation of the rules of the bankruptcy court. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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