Legal Question in Bankruptcy in California

foreclosures and bankruptcy

A home in my area was in forclosure. the trustee sale date was set. the property was pulled from the auction for a ''bankruptcy''

I read that the property owners, have 30 days in which to begin payments, negosiate... My question is If there are any laws prohibating me from contacting the lender (knowing that this person is not going to make payments) and buy it from them or would I have to go through the courts, because it was a bankruptcy.

from what I understand the property will go back to the lender if payments haven't been made. Do they (lender) have to go through the whole thing again?


Asked on 8/09/02, 4:47 pm

1 Answer from Attorneys
Alvin Tenner Law Office of Alvin G. Tenner

Re: foreclosures and bankruptcy

You can talk to the lender. However, it is quite possible that the house is worth more than what is owed. That being the case, the present owner can sell the house, pay the lender, and keep some of the monies. Check with the lender and see what arrangements if any you can make.

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Answered on 8/10/02, 11:00 am


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