What is the best way to find out information on a house involved in a chapter 13?

Amanda
Other/Just Looking
Chelmsford, MA

There is a two family house in my neighborhood that I am interested in. The owners have filed chapter 13. The house is not for sale. Is there any way to find out if and when it will be on the market?

Answers (2)
Kevin Vitali- M...
Agent
Tewksbury, MA

If the owner filed for chapter 13 most likely they are trying to save their house, that is usually point of the chapter 13. With that said, not everyone is successful in saving their house. Usually what happens is the bank will file for a stay of relief to release the house from bankruptcy. This usually takes 30 -60 days for the banks to file for the stay.

If you are interested in the house and you are comfortable with your neighbors, approach them and see if they will notify you if they can not save the house. Maybe you can get involved with a short sale. Unfortunately there is no other way to have the "inside scoop" on this house than just to pay attention. Multi- families have particularly taken a beating in this state and maybe a good deal can be had.

Thu Mar 12 2009, 06:39
Deb Nicholls
Agent
Concord, MA
FIRST ANSWER

The house will probably not be listed for sale. The biggest advantage of a Chapter 13 filing is it offers an opportunity to save a home from foreclosure. By filing under this chapter, homeowners can stop foreclosure proceedings and may catch up with mortgage payments over time. So they probably don't intend to sell.

Deb

Web Reference: http://homes.debn.net
Thu Mar 12 2009, 05:04

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