Posted by Ken on November 06, 2009 at 17:28:48:
In Reply to: Any private lenders had a borrower declare BK? posted by Eric Michaels on November 05, 2009 at 11:43:39:
I had a second mortgage payor file a BK,I did nothing assuming the debt would be removed but the mortgage would remain in place and I may get paid someday if they sold or if they paid off first I would go after it.Then their attorney filed to have the mortgage discharged and the first discharged also.So now the guy has the place free and clear.He wrecked the place so bad in 10 years of ownership that he was able to convince the court what he owed in property tax was more than it was worth.My attorney called it a cramdown,I told him it felt more like a shoved up