Buying a house that WAS in CH 13 ???

[BROKEDED]

Hi all! It's been a while since I've been on here but I know this is the best source of BK info anywhere.

While looking online at properties, I found a house about to go to sell at the courthouse that we might be interested in.

The house was bought by the owners in May 2008 for around $160k. Foreclosure was started May 2011. They filed for CH 13 September 2012 and it was dismissed in February 2014 for failure to make payments. I found the lien holder's information with the RoD. I also found a Report of Filed Claims from July 2013, about 11 months into their BK. The report shows two listings for their lien holder. One shows an amount of about $1200 per month with the description "Continuing-Secured". The other is an amount of $34,000 with the description "Arrearage Continuing-Secured"

The rest of the debts are unsecured type stuff or student loans. Does this mean that all but $34,000 of the mortgage was written off or is the rest of the mortgage likely lurking out their somewhere? The foreclosing attorneys haven't posted a bid amount yet.

[despritfreya]

I found a house about to go to sell at the courthouse that we might be interested in.
Foreclosure was started May 2011. (Debtors) filed for CH 13 September 2012 and it was dismissed in February 2014 for failure to make payments. . . I found a Report of Filed Claims. . . The report shows two listings for their lien holder. One shows an amount of about $1200 per month with the description "Continuing-Secured". The other is an amount of $34,000 with the description "Arrearage Continuing-Secured". . . Does this mean that all but $34,000 of the mortgage was written off or is the rest of the mortgage likely lurking out their somewhere? The foreclosing attorneys haven't posted a bid amount yet.

1. The $1,200 represents the normal monthly mortgage payment going forward.
2. The $34,000 represents the pre petition arrears.

The bid price has not been set yet but when it is, it will most likely be the balance owed on the entire loan plus legal fees incurred before, during and after the bk as well as all foreclosure costs. . . not $34,000.

Plus, you need to watch ECF as the debtors may be seeking to reinstate the recently dismissed case or may file a new Chapter 13. Or, they may have decided to walk and the property will eventually be foreclosed.

Des.

[BROKEDED]

Ah, you dream dasher! lol No, seriously, thank you. I figured about as much but I didn't understand why the entire mortgage was not listed in the report. With $34,000 in arrears it looks like they quit making mortgage payments almost as soon as they got the mortgage.

The sale is 4/2/14. I wonder if the lender would accept a short sale bid this late in the game.