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Category: Bankruptcy Law
Satisfied Customers: 17223
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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We have a lein on a house which is being foreclosed next month,

Resolved Question:

We have a lein on a house which is being foreclosed next month, and the owener filed bankruptcy, we were told unless someone bids over what is due the bank our lein will be wiped can that be fair?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 7 years ago.
the first loan which is the mortgae will take precedence over your lien, and the lien would be paid after the first mortgage. Also, if they file a bankruptcy, as a creditor you can file a notice of claim to make sure the bankruptcy court knows your position and that you will want to receive any assets they may have.

You could buy the home at the auction or direcetly from the bank, after a sale has been ordered.
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Customer: replied 7 years ago.
We've already gone thur bankruptcy and the judge dismissed her house to the 3rd party to put it up for foreclosure...I have tried to buy the "loan" from the bank and they wont' allow it as they still legally own the home..and we're so in debt now to our attorneys and feel like we have gotten the low ball. We did get some $ for assets but it's not worth anything per say....our legal fee's are so far up there and they got off scott free.

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