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Ask WALLSTREETESQ Your Own Question
Category: Bankruptcy Law
Satisfied Customers: 17252
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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I am a first mortgage secured lender on 8 rental homes. The

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I am a first mortgage secured lender on 8 rental homes. The owner of the rental homes has recently filed for Chapter 11 bankruptcy (the first meeting is scheduled for 7/13/10). He has multiple rental homes (more than 90) and numerous secured and unsecured creditors. I am willing to take a deed in lieu of foreclosure which is fine with the owner. The net fair value of the eight homes is less than the amount outstanding on the mortgages that I hold. If I receive my homes in a timely fashion I will "waive" any of my rights as an unsecured creditor.

Since the owner and I are in agreement how long will it take the bankruptcy court to approve this transaction and when can I expect to take over the actual ownership of the rental homes?
at the first meeting you can make your offer, and if accepted the properties can be deeded over within a few weeks, but first an appraisal should be done for all the properties by you to show the court that their is little or no equity in the properties that should go to his creditors.
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