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Kali

(56,867 posts) Wed Oct 11, 2017, 11:25 PM Oct 2017

bankruptcy question [View all]

guy buys a property, pays half up front then doesn't make the balloon payment for balance when due, strings original owner along for 6 months, then cons owner with some small amount into giving him another 30 days. on day 29 he files for bankruptcy.

what happens next? (assume this is his main debt)

13 replies

= new reply since forum marked as read

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bankruptcy question [View all] Kali Oct 2017 OP

The original property owner has a claim in bankruptcy court. former9thward Oct 2017 #1

no, it is a neighbor Kali Oct 2017 #2

Hopefully owner has a mortgage in property. Sneederbunk Oct 2017 #3

you mean a regular mortgage? Kali Oct 2017 #4

Somebody has a mortgage if there is a foreclosure. Sneederbunk Oct 2017 #5

I am sure they have one (or more) by now Kali Oct 2017 #6

Usually the Owner Files Motion to Lift the (Bankruptcy) Stay Stallion Oct 2017 #7

there might be some mechanic liens Kali Oct 2017 #9

OMG OMG OMG! snort Oct 2017 #11

a tiny local small time wannabe, maybe Kali Oct 2017 #12

Are the payments only to the original owner? PoindexterOglethorpe Oct 2017 #8

that I don't know for sure, but from the way things went this summer it kind of seems like Kali Oct 2017 #10

You are missing a lot of information. PoindexterOglethorpe Oct 2017 #13