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Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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After a ch 7 BK is discharged and I still own the rental property

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After a ch 7 BK is discharged and I still own the rental property that is being professionally managed by a brokerage, can the bank successfully intercept the rents by way of a receiver?

WebLaw :

*Due to rules of your state bar or mine, nothing herein is intended as legal advice, only intended as general information to better help yourself.*

WebLaw :

Welcome to JustAnswer,

So sorry to hear of this dilemma. If my answer is not clear to you or does not fully answer your question, please ask me for clarification by using the reply button.

WebLaw :

Yes – once the chapter 7 is closed, if the mortgage is in arrears the bank can typically open a receivership and apply the rents to the loan

Customer:

Is there anyway around that ? Can I assign the leases to someone else ? Or sell under a landcontract or does the mortgage trump every other agreement ?

WebLaw :


JustAnswer requires new questions to be posted on new question pages, but you can request me by starting your question with "FOR WEBLAW" and/or typing your question in my question box, which can be found here: http://www.justanswer.com/profile.aspx?PF=9968427&FID=39

Customer:

ok. Thank you.

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