Canzie
08-28-2003, 11:17 AM
I'm VERY sorry - Brett is completely correct, you cannot sell an asset
involved in BK without first obtaining permission from the trustee.
My post, if I didn't rush it so much, should have said "as a possible
alternative to forclosure/bankruptcy.
--
Michael Papp
iNet Commercial Lending/ Carteret Mortgage
www.iNet-Lender.com
MSN Messenger ID - iNet-Lending
"Brett Weiss" <lawyer@erols.com> wrote in message
news:HkqdnfXIpYiY29OiU-KYgg@comcast.com... Please note that all such transactions *must* be approved by the bankruptcy court before any transfer occurs, or it can be voided. Also note that the Courts tend to frown on deals like this, because of the typical significantly higher cost to the debtor. -- Brett ************************************************** *************** * Personal Injury/Malpractice Bankruptcy * * * * BRETT WEISS, P.C. * * Attorneys at Law * * Maryland, D.C. and Federal Bars * * lawyer@erols.com * * http://www.erols.com/lawyer * * * * Small Business Estates & Estate Planning * ************************************************** *************** The Small Print: This response is for discussion purposes only. It isn't meant to be legal advice and you shouldn't treat it as such. If you want legal advice, speak with a local lawyer familiar with your state's laws who can review *all* of the facts and the law applicable to your situation. ************************************************** *************** "Canzie" <sales@nospaminet-lender.com> wrote in message news:pnq3b.10553$v57.6899@nwrdny02.gnilink.net... I am an individual, who also happens to own a mortgage company. In the past 15 years, I seem to have gravitated to the difficult loans, those people in BK. Once in a while, I run into a loan I cannot do. In these instances, I will sometimes offer to buy the property, with a lease-back-to-own to the current owner. You stay in the property. You sign a lease/purchase agreement at the beginning, with a set buy-back price. A year or so later, after paying on time, you are reported with having no lates, you can get a mortgage anywhere, and you buy the property back. I'm writing this off the top of my head - I just finished another one today, 8/28/2003, and I just like having all sides happy (I love this business). If you are interested, email me at sales at inet-lender dot com -- Michael Papp iNet Commercial Lending/ Carteret Mortgage www.iNet-Lender.com MSN Messenger ID - iNet-Lending
involved in BK without first obtaining permission from the trustee.
My post, if I didn't rush it so much, should have said "as a possible
alternative to forclosure/bankruptcy.
--
Michael Papp
iNet Commercial Lending/ Carteret Mortgage
www.iNet-Lender.com
MSN Messenger ID - iNet-Lending
"Brett Weiss" <lawyer@erols.com> wrote in message
news:HkqdnfXIpYiY29OiU-KYgg@comcast.com... Please note that all such transactions *must* be approved by the bankruptcy court before any transfer occurs, or it can be voided. Also note that the Courts tend to frown on deals like this, because of the typical significantly higher cost to the debtor. -- Brett ************************************************** *************** * Personal Injury/Malpractice Bankruptcy * * * * BRETT WEISS, P.C. * * Attorneys at Law * * Maryland, D.C. and Federal Bars * * lawyer@erols.com * * http://www.erols.com/lawyer * * * * Small Business Estates & Estate Planning * ************************************************** *************** The Small Print: This response is for discussion purposes only. It isn't meant to be legal advice and you shouldn't treat it as such. If you want legal advice, speak with a local lawyer familiar with your state's laws who can review *all* of the facts and the law applicable to your situation. ************************************************** *************** "Canzie" <sales@nospaminet-lender.com> wrote in message news:pnq3b.10553$v57.6899@nwrdny02.gnilink.net... I am an individual, who also happens to own a mortgage company. In the past 15 years, I seem to have gravitated to the difficult loans, those people in BK. Once in a while, I run into a loan I cannot do. In these instances, I will sometimes offer to buy the property, with a lease-back-to-own to the current owner. You stay in the property. You sign a lease/purchase agreement at the beginning, with a set buy-back price. A year or so later, after paying on time, you are reported with having no lates, you can get a mortgage anywhere, and you buy the property back. I'm writing this off the top of my head - I just finished another one today, 8/28/2003, and I just like having all sides happy (I love this business). If you are interested, email me at sales at inet-lender dot com -- Michael Papp iNet Commercial Lending/ Carteret Mortgage www.iNet-Lender.com MSN Messenger ID - iNet-Lending
