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  1. #1
    Join Date
    Feb 2006
    Location
    lexington kentucky
    Posts
    2

    Default Treatment of an Investment Property in Bankruptcy

    I am currently filing personal BK in Kentucky under new laws. I have a piece of investment property I have requested to sell but not paying off all secured lien holders. The third lien holder has agreed to do a release even though he is not being paid off in full and will continue to keep a third mortgage on my primary residence. My question is, if I am current on payments with all lien holders and the trustee approves the sale, are the current lien holders required to provide a pay off? The primary lien holder is not cooperating. Also, the primary lien holder assigned the communication for the case over to an attorney who wants me to sign a reaffirmation agreement that includes paying his fees. Does this sound right?

    The buyers of property want to know everything is going to be okay before they order the appraisal and title work, but I can't get the primary lien holder to communicate with me. Could I seek to some type of interference for not cooperating in the matter?

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,844

    Default Re: Investment Property in KY

    Quote Quoting joelanderson
    My question is, if I am current on payments with all lien holders and the trustee approves the sale, are the current lien holders required to provide a pay off?
    Why would they be? The lien is their property.

    Quote Quoting joelanderson
    Also, the primary lien holder assigned the communication for the case over to an attorney who wants me to sign a reaffirmation agreement that includes paying his fees. Does this sound right?
    They're making an offer which you can accept, reject, or use as a starting point for negotiation.

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