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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] the odds of a dismissal??? Posted by J on January 14, 2004 at 10:10 AM I'm in a tight position with a preforeclosure in BK13. Here is the situation. Working with the homeowner to find them a new place, they have agreed to everything I've asked and are with me 100%. The property is in CH. 13 and I thought we had the dismissal already taken care of but we don't. It goes in front of the judge early next month. In the mean time though, I was negotiating purchasing an assignment of the first mortgage with the lender to assume their position, they have agreed to assign the note to me at a good discount putting me in a strong position to deal with a privately held second. BUT HERE'S THE PROBLEM, the assignment paperwork should be here any day with the lender wanting the money ASAP I am sure. Without the official notice that the BK 13 was dismissed yet, I will be "rolling the dice" and taking a chance on whether it does get dismissed. If it doesn't, I am tied into the BK and might not get all my money back, RIGHT?? What are the odds of the dismissal not going thru? Would it help if I had the seller write a letter explaining to the BK judge that he is selling his property outside the BK to pay his debt (stating his case)? Plus I have just been informed by my private lender that his availability of funds won't be there for me if we have to wait several weeks for this to happen. Would anyone be interested in lending on this deal?? Thanks Ward and everyone Jay Follow Ups: Re: the odds of a dismissal??? Darryl-CA 6:16 AM, 01/15/04 (0) Re: the odds of a dismissal??? Darryl-CA 6:15 AM, 01/15/04 (0) Re: the odds of a dismissal??? Lughead 10:23 AM, 01/14/04 (0) Post a Followup: Name : E-Mail : Subject : Comments: : I'm in a tight position with a preforeclosure in BK13. Here is the situation. : Working with the homeowner to find them a new place, they have agreed to everything I've asked and are with me 100%. : The property is in CH. 13 and I thought we had the dismissal already taken care of but we don't. It goes in front of the judge early next month. In the mean time though, I was negotiating purchasing an assignment of the first mortgage with the lender to assume their position, they have agreed to assign the note to me at a good discount putting me in a strong position to deal with a privately held second. BUT HERE'S THE PROBLEM, the assignment paperwork should be here any day with the lender wanting the money ASAP I am sure. Without the official notice that the BK 13 was dismissed yet, I will be "rolling the dice" and taking a chance on whether it does get dismissed. If it doesn't, I am tied into the BK and might not get all my money back, RIGHT?? What are the odds of the dismissal not going thru? Would it help if I had the seller write a letter explaining to the BK judge that he is selling his property outside the BK to pay his debt (stating his case)? : Plus I have just been informed by my private lender that his availability of funds won't be there for me if we have to wait several weeks for this to happen. Would anyone be interested in lending on this deal?? : Thanks Ward and everyone : Jay 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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