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I have a home witth an sba lien from a commercial loan done…

Customer Question
Hi i have...

Hi i have a home witth an sba lien from a commercial loan done by hunington bank, i closed the business after filing a chapter 11 on it in october of 2016 myt home was cross colatoralized and now has the lien, i did not reafirm the home loan in the chapter 7 that was done personaly at the time of the chapter 11 business bankruptcy, i want to sell the home to a new buyer, how can i get the sba lien released?

Lawyer's Assistant: What state are you in? And has anything been officially filed?

Michigan the bankruptcys were done personal dec 31 2014 and the business bankruptcy was sept 24 2014

Lawyer's Assistant: Has anything been filed in civil court? If so, what?

Civil court?

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

The only thing that was filed were the bankruptcys

Submitted: 5 months ago.Category: Bankruptcy Law
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Customer reply replied 5 months ago
I am current with the house payments. And have always been. I just didn't re affirm the debt.
Answered in 20 hours by:
11/22/2017
Bankruptcy Lawyer: Amadeo Rivera,
 replied 5 months ago
Amadeo Rivera
Category: Bankruptcy Law
Satisfied Customers: 88
Experience: Sr. Trial Attorney II at El Paso County Public Defender
Verified

Good Morning. My name is Marcelo. I have been practicing law for 17 years and have experience in bankruptcy, as well as criminal and civil litigation. I also have experience in the commercial lending area.

Let's start with a quick primer on bankruptcy law. While a debt, including a secured debt, can be discharged in bankruptcy, the lien securing the debt is not extinguished by the discharge, and unless you continue to pay the debt, the lender can still foreclose.

So, the answer to your question about how to get the lien released would be that you would have to pay the debt at the closing of the sale to the new buyer and the lender would deliver a release. This is all generally handled through the escrow agent.

If you require additional information or clarification, please advise me and I will try to clarify or provide the additional information you require. If I have answered your question, please provide positive feedback. Thank you

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Amadeo Rivera
Amadeo Rivera
Amadeo Rivera
Category: Bankruptcy Law
Satisfied Customers: 88
88 Satisfied Customers
Experience: Sr. Trial Attorney II at El Paso County Public Defender

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