Posted on: 12th Apr, 2010 02:24 pm
We sold property to buyer for 45000.00 over 3 year period , with a final payment of 28000.00 due. Buyer has decided to walk away and has filed bankruptcy. Another party has put a lien against him. Can we get our property back
Hi lori!
Welcome to forums!
As you're the first mortgage holder on the property, all the other loans will be subordinate to you. If the property is sold off, you will be first to recover your dues. Nevertheless, I would suggest you to contact an attorney and take his opinion in this regard.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As you're the first mortgage holder on the property, all the other loans will be subordinate to you. If the property is sold off, you will be first to recover your dues. Nevertheless, I would suggest you to contact an attorney and take his opinion in this regard.
Feel free to ask if you've further queries.
Sussane