I need legal advice please?
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I need legal advice please?
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If I have collateral on a proper andty from a person whom i have lended money to and that person claims bankrupcy, how can i claim my collateral property? Will the property enter bankrupcy and would i be able to foreclose on the property?
Regarding my collateral, I have already recorded the property at the county clerk's office. What does it mean: recording a claim?
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Jack B
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It is great that you placed a claim on the property but if the person is in bankruptcy it will probably mean you are going to get nothing.
Basically the Bankruptcy judge will see who has the 1st lien which should be the 1st Mortgagor or the bank, you know you are 1st when you hold the deed. If the person is going to keep the house then they need to reaffirm this debt. If the person does not reaffirm the debt or it is not their primary residence, the property will be foreclosed upon and sold at auction and paid out in order.
2nd and 3rd party claims to this property however may be removed and have the debt excused if the monetary value is less than 10% over the value of the 1st mortgage. If there is more equity, then the person 2nd in line comes next and then the 3rd and so on and these usually go by date of origination. |
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