Posted on: 04th Feb, 2010 05:38 pm
We are tenants in common with 32 investors. We found out one investor has liens on his interest in the property. He also just filed bankruptcy. We have an offer on the property right now. Can we sell with his bankruptcy? Do we have to pay his liens? What do we need to do?
Hi townsendkelly!
Welcome to forums!
You won't be able to sell off the property as the investor has filed bankruptcy. The bankruptcy trustee may sell off the property and pay off his creditors. You won't be able to take any step now. I would suggest you to contact an attorney and take his opinion in this regard.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You won't be able to sell off the property as the investor has filed bankruptcy. The bankruptcy trustee may sell off the property and pay off his creditors. You won't be able to take any step now. I would suggest you to contact an attorney and take his opinion in this regard.
Feel free to ask if you've further queries.
Sussane
i agree w Sussane once in a bk your stuck
I am a tenant in common with my x-husband on my home....I am filing for bankruptcy and do not intend on reafirmming the 1st or 2nd mtg. The second is ony in my name. My x-husband filed bankruptcy 3 years ago and he did reaffirm on the home. We owe approximately 120,000 - home market appraisal is $126,00 - we live in Indiana....what is going to happen to my home?
Hi Ann!
Welcome to forums!
Though you file bankruptcy, you'll be able to save your property. If you file Chapter 13, the lender will give you a repayment plan. You'll be able to save the property if you pay the loan as per the payment plan. If you file Chapter 7 and reaffirm the mortgage, you'll have to pay the mortgage payments regularly and save the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Though you file bankruptcy, you'll be able to save your property. If you file Chapter 13, the lender will give you a repayment plan. You'll be able to save the property if you pay the loan as per the payment plan. If you file Chapter 7 and reaffirm the mortgage, you'll have to pay the mortgage payments regularly and save the property.
Feel free to ask if you've further queries.
Sussane