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Kynse - I would tell him to consult with an attorney. Bankruptcy might not solve his problem, especially with the senior lien and an upside-down property. His attorney may well-advise him to take the deal anyway, and negotiate later. It is worth peace of mind for him and you to get a consultation. Just have him do it quickly :)
He spoke to a bankruptcy attorney who told him to file, I will tell him to consult with a non bankruptcy attorney. I will get this scheduled for tomorrow. The senior lien accepted $107K on $300K owed with a full release. I don't get why the junior lien holders think they are entitled to a full piece of the pie. If he forecloses and files bankruptcy they get nothing.
Wendy Rulnick said:Kynse - I would tell him to consult with an attorney. Bankruptcy might not solve his problem, especially with the senior lien and an upside-down property. His attorney may well-advise him to take the deal anyway, and negotiate later. It is worth peace of mind for him and you to get a consultation. Just have him do it quickly :)
I just got an appointment with a girlfriend of mine that is a attorney. She is going to meet with him tomorrow. I am starting to think that BK attorneys just want a paycheck. Thanks Wendy!
You can ask them what it is going to take in $$$ to get release of liability. Money now is always going to more appealing and better for them than money in the future.
I may suggest a Real Estate attorney or a Tax attorney accountant, someone who has seen these types of successful short sales at tax time.
Will this link help?
http://www.irs.gov/individuals/article/0,,id=179414,00.html
Keep us posted on the progress.
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