Buying a Trustee's Deed

[Jerry Hodge]

Does anyone have any suggestions for buying a deed to a property for nominal consideration from a trustee if the trustee is abandoning the property due to a lack of equity?

If the trustee is abandoning the property because there is a lack of equity and will realize nothing from the property, then perhaps the trustee would sell the deed for a small amount. After acquiring the property, perhaps I could negotiate a discount with the existing lender.

[lrprn]

Does anyone have any suggestions for buying a deed to a property for nominal consideration from a trustee if the trustee is abandoning the property due to a lack of equity?

If the trustee is abandoning the property because there is a lack of equity and will realize nothing from the property, then perhaps the trustee would sell the deed for a small amount. After acquiring the property, perhaps I could negotiate a discount with the existing lender.

Jerry, you are asking a group of bankrupt folks (some who surrendered their homes to trustees or lost their houses to foreclosure) how to buy their houses back from a trustee for pennies on the dollar. Doubtful you are going to find much information here about that - the vast majority of our members don't have that kind of disposable money or financial health to consider home purchases even at a discount.

Suggest you visit the mortgage foreclosure sites on the Internet - you're more likely to get the information you want there.

[HHM]

If your talking about a "Bankruptcy Trustee", it doesn't work that way. The Bankruptcy Trustee doesn't take deed to the property. When an asset is "abandoned" by the trustee in bankruptcy, that means it is no longer part of the Bankruptcy estate and reverts back to the owner (the people who filed BK). So the answer is, there is nothing for you to buy.