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  1. #1
    Join Date
    Nov 2009
    Location
    New Jersey
    Posts
    25

    Default Pennsylvania Sheriff's Sale - Forced by Non-Secured Creditor

    STATE: Commonwealth of Pennsylvania

    2 secured mortgages, total outstanding balance = $250k
    PMV = $275k
    Investment property
    Last mortgage payment = 11 months
    No rental income for > 1 year now
    Eviction proceedings in works against 2 non-paying tenants
    Civil suits filed against same 2; I am plaintiff

    Working with primary and secondary secured lienholders on short-sale plan. Amicable.

    Unsecured creditor obtained $200k judgment, unrelated to home
    Sheriff's sale in 3 weeks - pushed solely by unsecured creditor

    Not logical to me as unsecured creditor must know -0- for them out of sheriff sale proceeds.

    Have obtained mixed opinions from 3 different attorneys -
    - file chapter 7 immediately
    - let home go to sheriff's sale
    - keep working with secured creditors
    - do nothing now; chapter 7 in near future

    All 3 creditors major US banks.

    - Secured creditors do not want sheriff sale at this time
    - Should I contact unsecured attorney - is there any point in doing so?
    - Can secured creditors stop or at least defer sheriff's sale so short sale can occur. Buyer waiting.
    - If no way out and sheriff sale imminent in 3 weeks, should I continue to pursue evictions and civil proceedings as plaintiff in interim?

    Thank you for your time.

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

    Default Re: Pennsylvania Sheriff's Sale - Forced by Non-Secured Creditor

    Perhaps the judgment creditor disagrees about the value of the property. Perhaps the judgment creditor doesn't care about recovering money, and wants to inflict pain. Perhaps the judgment creditor didn't bother to check for competing liens.

    I have no way of knowing if there is a benefit to your trying to contact the judgment creditor's lawyer. You, or your lawyer, will have to try and see.

    You can decide for yourself if you want to continue with eviction proceedings against your non-paying tenants.

    Given that it appears that this foreclosure will not affect the amount you owe to the judgment creditor, assuming that amount is dischargeable, you should be working with a bankruptcy lawyer.

  3. #3
    Join Date
    Nov 2009
    Location
    New Jersey
    Posts
    25

    Default Re: Pennsylvania Sheriff's Sale - Forced by Non-Secured Creditor

    I agree with infliction of pain for which I cannot blame them as I am the one at fault.

    I have seen 2 top bankruptcy attorneys, received differing opinions and will choose one early next week to see this through.

    Thank you for your reply.

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