How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask cfortunato Your Own Question
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
Type Your Bankruptcy Law Question Here...
cfortunato is online now
A new question is answered every 9 seconds

46. If I have lent $300,000 on a property, and the borrower

Resolved Question:

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: 4 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 4 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 2 other Bankruptcy Law Specialists are ready to help you
Customer: replied 4 years ago.