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  1. #1
    Join Date
    Dec 2010
    Posts
    1

    Default Bankruptcy to Stall Foreclosure

    My question involves bankruptcy in the state of: Colorado
    I have a 2d mortgage on a property with quite a bit of equity. Debtor has failed to pay after several years that have included extensions, concessions and even a settlement agreement where we both had hired attorneys. I finally started foreclosure. 7 months passed with no communication. Less than one week from the sale date I hear from his attorney. He is threatening bankruptcy unless I "negotiate" again. I know he will do anything to keep from losing the property. I also believe that he has the $ because he offered to pay most of the debt if I would once again re-negotiate and discount the amount owed. I believe that he just wants to try to squeeze me some more and extend the inevitable, i.e. paying me or losing the property. I responded with a small discount and demanded most of the debt be paid immediately, and agreed to postpone the foreclosure for 3 months to allow him to pay the balance. I am inclined to not negotiate any more. What am I looking at if he files the BR? If a repayment plan requires him to sell the property I know that he won't actually sell it.

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Bankruptcy to Stall Foreclosure

    You are free to proceed with the foreclosure unless and until the bankruptcy is actually filed. If you choose to be bluffed and don't foreclose, or let them stall you until they finally do file a bankruptcy petition, it's your money.

    We don't know anything about his assets or (beyond it's being a second mortgage) the nature of this loan or whether there's any equity in the property, nor do we know whether this would be a Chapter 7 or Chapter 13 bankruptcy, so I'm not willing to guess about what might happen in bankruptcy.

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