Legal Question in Real Estate Law in Wisconsin

Attempting to buy properties out of foreclosures is not for amateurs. There are literally a dozen things which could go wrong, any of which could prove very costly for you. That being said, foreclosures do sometimes present an opportunity for some great bargains if you either are an experienced real estate professional or are working with an experienced bankruptcy/ real estate attorney. The short answer to your question is yes, you can always attempt to buy out the bank's position, although that may still leave you with a title that is a mess and which will require extensive additional legal work to clear before it will become marketable. Chapter 7 does not necessarily mean that the debtor is giving up the property; there are plenty of ways they can keep it including converting to chapter 13 or working out some sort of a mortgage modification with the bank. Additionally, if there is a great deal of equity above the mortgage and exemption claim, the trustee might wish to sell the property. The debtor could also file a chapter 13 after the chapter 7, which could give them five years to reinstate the loan. I am not yet your attorney and will not be taking any action on your case, but you are still welcome to contact me during business hours at my in Racine if you still have more questions. Also, please see me on the web at www.jayknixonlaw.com to read 15 years of my prior answers to consumer legal questions arranged by topic, please go to http://www.lawguru.com/answers/search/attorney/jknixon. Answers may contain attorney advertising materials.