Results 1 to 2 of 2
  1. #1
    Join Date
    Feb 2008
    Posts
    2

    Default Trying To Buy A Property In A Bankruptcy Estate

    I have been trying to purchase a property since July '07 and finally got the remaining title issues cleared up only to find that the owner of the property filed for Chapter 7. I've spoken to numerous lawyers, but no one seems to know how to get the property out of the bankruptcy estate so that I can purchase it. There is no equity in the property as I had to obtain a short sale agreement from the mortgage holder. The trustee is insisting that the only way to get it out prior to discharge at the end of the bankruptcy is to purchase it from the estate, but that there needs to be a carve out of funds for the estate. To make matters worse the bank won't discuss the case with my lawyer since the property is in bankruptcy. Shouldn't either the owner or the bank be able to file a motion to get the property out of the bankruptcy estate so that I can purchase it? Who should be the one filing the motion? If it is the owner, how is he supposed to file a motion when he has no money to pay a lawyer?

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Trying To Buy A Property In A Bankruptcy Estate

    Are we still talking about this property? What did your lawyer tell you to do?

    Why would somebody else want to go through the cost and bother of removing the property from the bankruptcy estate before the discharge, when as you've already been told you may purchase the property from the estate?

    1. Sponsored Links
       

Similar Threads

  1. Application & Eligibility: Getting a Real Estate License After Bankruptcy
    By munda4545 in forum Professional Licenses
    Replies: 1
    Last Post: 06-02-2011, 12:39 PM
  2. Bankruptcy Issues: Effect of Bankruptcy on a Real Estate Lien
    By smooth68 in forum Bankruptcy Law
    Replies: 1
    Last Post: 05-20-2010, 07:29 AM
  3. Patents: Patents Acquired from Bankruptcy Estate
    By mlbailey in forum Intellectual Property
    Replies: 14
    Last Post: 03-07-2010, 06:14 AM
  4. Chapter 7: 2009 Property Taxes For Property Surrendered in 2008 Bankruptcy
    By GABK in forum Bankruptcy Law
    Replies: 4
    Last Post: 02-25-2010, 02:42 PM
  5. Life Estates: Florida Life Estate With Bankruptcy of Remainderman
    By wisdom_seeker in forum Real Estate Ownership and Title
    Replies: 1
    Last Post: 02-07-2007, 04:32 PM
 
 
Sponsored Links

Legal Help, Information and Resources