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Posted by dennis lisbon on June 26, 2002 at 10:39:21:
I was thinking of buying a home that is in the pre foreclosure stage. The owners have filed chapter 7 and like I said it's in the foreclosure process. My questions is how does the pre-foreclosure process work? I dont think there is equity in the home. I wanted to know what I should pay for the house.....should I work out a deal with the lender to pay off what is in default or do I pay the market value? Also, on the Bankruptcy schedules (Schedule D) it lists unsecured portion of what the owner owes to the mortgage companies. Do I have to deal with that as well? I am new to home buying and need help? Some advice would be appreciated.
Dennis
