bankruptcy mortgage debt

bankruptcy mortgage debt
What happens to a real mortgage when a debtor files for bankruptcy?

I'm covered for a creditor whose claim by a real mortgage. I recently received a notice that the debtor's bankruptcy application filed under Chapter 7 of the U.S. Bankruptcy Code. What happens with my two loans and my mortgage? Do I have to be imposed on the enforcement of the mortgage? The insolvent debtor, by the way is an individual, not a corporation. Please prvide legal basis. Thank you. :)

They have the best kind of security. You have the strongest position you can get in bankruptcy as creditors. As I understand it, there there is no need to exclude from the outset. Just file your interest as a creditor in accordance with the instructions on the paperwork. We hope they will be the sale of the asset around and you will be provided first in line for the funds from it, you are the primary mortgage holder and not subordinate to anyone. Regardless of the need Talk to you, bankructy with a lawyer. You can get a free consultation, or have to pay a decline, but it's worth it for the tour.

Taxes on Short Sale, Loan Modification & Mortgage Foreclosure 5 Nov08 Mortgage Debt Relief Act


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