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ESTAPLACE.COM REAL ESTATE - FREE LISTING SERVICE -
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Nesgroup address: misc.invest.real-estate - Date & Time for the message: 7 Aug 2005 20:45:47 -0700
/ Author of the message: mlrogers@cinci.rr.com |
Title of the message: |
Re: 2nd mortgage and bankruptcy
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Text of the message: |
Hi Dennis, I am a Realtor and a full-time investor in Ohio. I am not a lawyer and I am not and cannot give you legal advice. Now that my disclosures are all done this is what I have found to be true in these situations... If you buy the property from the homeowner in the preforeclosure phase (I am assuming that you are in a state where a property is auctioned at sheriff sale) then the second mortgage would still remain on the property. While the bankruptcy will save the current owner from having liablity to the second if the home is repo'd by the lender, this does not erase the lien from the home in preforeclosure phase. You can negotiate a short sale with the holder of the second mortgage in many cases, which might still allow you to make a profit on the home and build in some equity or at least more equity than already exists. Like I said I am not a lawyer but I do consulting on real estate investing. |
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Estaplace.com is one the Ceglia Giovanni projects, started on 20 July 2005, and online since 20 August as a real estate platform for listings, mainly operating on the Italian and American/English market in the Internet, Estaplace would like to become the point of referiment for home sellers and home buyers, a site where private owners or real estate agencies can have the possibility to show their offers to the world. Estaplace.com is only one of the Giovanni Ceglia's sites. Everyday Giovanni Ceglia works to improve new Internet tools and services for online marketing and business. Estaplace.com will become the biggest portal for real estate business and investments online.