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cfortunato, Attorney
Category: Bankruptcy Law
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Experience:  Bankruptcy professor.
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46. If I have lent $300,000 on a property, and the borrower

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46. If I have lent $300,000 on a property, and the borrower is not paying his mortgage payments since the inception of the loan, that is, more than 3 years. How is this supposed income/asset considered if I want to file chapter 7?
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 3 years ago.

cfortunato :

Hi - my name is XXXXX XXXXX I'm a Bankruptcy attorney here to assist you.

cfortunato :

Your $300,000 mortgage would become part of the Bankruptcy estate. This means the Bankruptcy trustee would obtain the right to collect the mortgage.

cfortunato :

Depending on what the property is worth, and whether there are any other mortgages or encumbrances ahead of yours, the trustee may decide to foreclose the property.

cfortunato and 3 other Bankruptcy Law Specialists are ready to help you
Customer: replied 3 years ago.

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