A brief explanation of bankruptcy
If you’re investing in foreclosures, you may encounter prospective sellers who can’t pay their mortgages and are considering bankruptcy. In fact, as a foreclosure investor, your biggest competitor is not other investors, but bankruptcy. You’ll find it helpful to have a good understanding of the bankruptcy process and what it can and can’t do for debtors.
Here’s a link to a post on MyFico.com that discusses bankruptcy basics: click here to read Bankruptcy FAQ.
