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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
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: 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 other Bankruptcy Law Specialists are ready to help you
Customer: replied 4 years ago.