Posted on: 08th Oct, 2010 11:34 am
four years ago we sold our hotel and left money in on second mortgage for the new owners. we knew this was a risk if they went bankrupt, but that hasn't happened and they have now sold the hotel. now people are telling us that he may try to skip out without paying us. just want to make sure that this cannot happen and that he has to repay this money before the hotel can change hands. this loan was interest free for five years.
If you have a valid lien on the property, that'll show up in the land records and that ought to bring you your money back.