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Tuesday Update

We have a lot going on this week and so far so good. We have three foreclosure sales scheduled. One sale went though today that reverted back to REO, the condo with a deceased borrower in Round Lake Beach, IL. We have to wait for the sale to be confirmed in about a month and will likely get possession a month after that.

We have foreclosure sales tomorrow and Friday and I’m hoping for the best, knock on wood. Lately, it seems that nearly every borrower files a last minute bankruptcy to postpone the sale.

The biggest thing by far today was a bankruptcy judge granting our Motion for Relief on a note for a house in Las Vegas, NV, which had a trustee sale date last month. The borrower filed Chapter 13 bankruptcy a few days before the sale forcing us to postpone. Short story is that the borrower is a serial bankruptcy filer, owns two additional houses (including a 4000 square foot, 5 bedroom, 5 bath house), and has been abusing the system for at least a decade.

When it comes to the incredible power that bankruptcy judges wield and my experience with debtor friendly ones, I never count something as a sure thing until it is. I’m thankful that the judge ruled the way he did today…

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