Real Estate & Bankruptcy Law
An often overlooked area for buying distressed real estate is purchasing properties in the United States Federal Bankruptcy Court. Most seminars and web sites that deal with distressed real estate teach about purchasing properties out of foreclosure and pre-foreclosure. They, however, leave out the strategy of purchasing properties out of bankruptcy. This article explores the basic differences between bankruptcy and foreclosure and why buying properties out of bankruptcy can be so profitable. When a homeowner or business that owns real estate cannot make timely payments on the mortgage on their property, the bank will usually begin a foreclosure action. With a mortgage foreclosure, the bank is attempting to take back the real estate that secures its loan taken out by the borrower.
Depending upon which State the property is located, the property is eventually sold at sheriff sale auction or trustee auction. The bank is forcing this sale to recover the money it loaned to the person or company. Most real estate investing strategies focus on purchasing distressed property at some time during this New York real estate foreclosure process. A New York real estate lawyer practices in accordance with New York law. A New York real estate lawyer handles purchases and sales of condominium apartments, co-operative apartments and homes, commercial and residential real estate transactions, assignments of sub-leases and leases, and more. A New York real estate lawyer also handles litigation involving real estate with banks, architects, building contractors, insurance companies and landlord-tenant litigation. If you need help about the New York bankruptcy and real estate process, perhaps you may consider Richard S. Feinsilver, Esq. He’s the lawyer and graduate of St. Johns University (B.A. 1979) and New York Law School (J.D. 1983) has been engaged in private practice since 1988. He was employed in the financial services industry for over 10 years in various capacities focusing in the areas of consumer credit and real estate financing. For over the past 15 years, Mr. Feinsilver has represented in excess of 3,000 clients in the prosecution of consumer and business bankruptcy proceedings. He are here to provide you with a free, confidential consultation to review and analyze your situation to determine which options may be right for you.
No Comments »
No comments yet.
RSS feed for comments on this post. TrackBack URI