House in bankruptcy?

Question

There is a house i was planning on buying, but my dad got sick and i had to leave the country. When i came home the house was going though bankruptcy.. is there a way to stop the process and purchase the house?

Answer 1

The house must be in foreclosure.  You should be able to "cure" the default if you can come up with the total amount of payments and interest in arrears.  I'm assuming the house has not yet been taken by the bank.  Good luck!

Answer 2

Homes don't go through Bankruptcy, people do.

Find another house to buy.

Answer 3

You need to contact the seller or real estate agent and verify if it is foreclosure or bankruptcy.

If it is foreclosure and it has not had a sheriff's sale.  You can step up and still buy it from the seller.  You will have to bring the current lender up current and either assume the note or refinance it with same lender or different lender.  you will have to work out the details between the seller, current lender and you.   Most real estate agents will not get involved in these deals so don't be surprised if the discourage you from pursuing these options.

If it is in Bankruptcy, you will need to wait until the bank takes possession of the property before you can buy it.  You will need to develop a contact at the bank and make sure you are first in line.  I purchased my first home this way.  I wrote a purchase agreement with the bank to take effect at 12:01 am on the date they took possession.  Hence my offer was first in line and first accepted.    

Hope this helps.

Answer 4

Sorry  I reread your question...um the owner should bring the loan current and maybe you can do that for them and then they can end up selling it to you for a lesser price.