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Posted by Mandy on August 22, 2002 at 11:54:29:
We are filing Ch. 7 bankruptcy. I have been contacted by a private investor about buying our properties (we have 4) out of foreclosure. How does this process work? Also, we will be living in one of the homes and it has a very large 2nd mortgage we would like to get out of. He stated that we could let it go into foreclosure an by it back for very little money. Does this sound legitimate? Also, who's paying him and what does he benefit by doing this for us. If we keep the 1st mortgage current and don't pay the second mortgage, what can happen to us. We owe $220000 on the 1st and $108000 on the 2nd. The home would probably sell for about $260000. Any help would be greatly appreciated!
