My question involves real estate located in the State of: Massachusetts
I made an offer which was accepted by owner and Im set to go with primary lender for what was advertised as a "short sale". Now 3 months later after numerous delays because as it turns out, a second mortgage for 10,000 bucks with BoFA now a lien is on the house. The primary lender excused the 100,000.00 owed. Now, I find out this week no "short sale" letter was accepted and the owner is filing chapter 13. Mean while BoFA wants me to take over the 10 grand in a personal loan with no interest. I agreed because I think the house is worth it. Now, a Trustee has been appointed and a bankruptcy court hearing is sched in another month! This will make 4-5 months of waiting. I was, in the beginning instructed to have inspections, appraisals, and take a test for another 100 bucks to get a Ma housing loan. SO, Im wondering, how long after the Bankrupcty court date does it take to close? Or, will the home be auctioned off? Can I retrieve my $$ back, I spent 1000.00 so far. The owners moved 2 months ago so its sitting empty. Im told the trustee is trying to eliminate the BoFa lein or liability. Can Bofa turn around and still try to get me to pay that?
Im told the Trustee on the case is really good whatever that means , Im not entirely certain of what they do. Im all approved for the loan on my end and have the $$ to pay closing. DO these cases ever pan out favorably for the buyer? Im a first time buyer so sorry for all the questions.