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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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I have owned a building in South Bend, Indiana for 20 years.

Resolved Question:

I have owned a building in South Bend, Indiana for 20 years. I just filed Chapter 7 Bankruptcy last month. The Mortgage holder requested to lift the stay on the property. The court approved the request. Now the mortgage holder has the right to forclose but told me that he would rather work with me if possible. The back taxes on the property are $50,000
Should I let it go into tax sale? Should I try to pay the taxes and get a new Mortgage at a very low rate. Is there some way for me to buy it back at the tax sale? Any suggestions would be appreciated.
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 7 years ago.

The taxes are a priority lien ahead of the mortgage. Perhaps the mortgage holder would be willing to pay the taxes to avoid the tax sale and then renegotiate the mortgage with you.
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