If you want to buy a house in Arizona that has 3 mortgages on it and the previous owners confirmed chapter 13 bankruptcy in all three. Do you assume all 3 mortgages if the loan is implicit that high level?
If You Want to Buy a House in Arizona That Has 3 Mortgages on It?
You have to look in the archives of bankruptcy and to revise the Chapter 13 plot to determine the status of the other two mortgages. Chapter 13 can sometimes be used to undermine the privileges of the property if the mortgages exceed the value of the property. Until we choose otherwise, it would be best to assume that you are subject to two other mortgages as well.
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Nope. And i am sure the banks will be willing to offer it to a buyer at much less.
I’d look for another house. By the time this mess gets straightened out, you will miss out on other less messy opportunities. Do not buy anything in bankruptcy without an attorney at your elbow. Also get yourself a real estate broker to help you–that is their job and they are excellent at it. You will save a lot of money and headaches with professionals working for you
Sounds complicated. You need local information on that.
But a couple of other thoughts….
See if the property is incorrect on property taxes – they take priority over all other liens. Not sure of AZ law, but where I live, if you can news tale up a property at the monthly courthouse auction for the taxes owed, you have a win-win scenario: you either get paid handsome interest on top of your lien buy price if the owner pays the taxes OR you get the property free and clear after a designated period of time. Usually a rep from the mortgage company is on hand to make sure the property isn’t scooped, but with 3 companies involved, and lots of foreclosures on the market, possibly someone slipped up on building sure those taxes got paid…..
Also, with Cap and Trade up in the air still, realize that there is a possibility that the law may be on paper, ultimately, with expensive supplies to upgrade the house’s energy rating. It still has a long way to go before the bill is final. You want a really excellent deal on the property, one that will protect your equity, especially if you need/want to sell it. That means you need to consider what a realtor’s fees force be, repairs, refurbishments, and you really, really don’t want to be into a property for more than 80% including all these concerns and margins. Even if you plot to live there, this is not the time for paying retail. The economy has been hyperinflated by a lot of financial sleight of hand, facilitated by the printing of astounding amounts of money. It is wise to only make buys that you can exit easily if necessary. If it is a weird house, not a well loved layout, terrible location, whatever, make sure the price is low enough to compensate for the difficulty you will have selling it….there is a LOT of foreclosed inventory on the market right now, a LOT of competition.
That property could be tied up for a long time to come. I would go on. To get one lender to make a choice about an offer is like pulling teeth. To get three lenders to agree, we’re talking moving mountains. I would advise my client to pass.