Bankruptcy while holding notes - Posted by Paul Stryer

import · September 11, 2003, 4:44pm

Posted by Jack on September 11, 2003 at 20:49:54:

nt

import · September 11, 2003, 4:44pm

Posted by Paul Stryer on September 11, 2003 at 16:44:34:

Hello All

If I sell a MH to someone and hold a note on the home, what happens if the person files bankruptcy.

A. do I loose the home
b. do I just repossess the house and resellit
c. or something else happens

Thanks
Paul

import · September 11, 2003, 5:25pm

A no; b no; c no. Thats a no-no - Posted by Dr. Craig Whisler CA NV

Posted by Dr. Craig Whisler CA NV on September 11, 2003 at 17:25:03:

Your 3 choices are framed to exclude the most likely correct answer.

Which is:

Life goes on as usual usually. After the delay and the smoke clears, he must either pay or you can take the home back, assuming your paperwork reflects that you have a secured transaction and you have taken the proper steps to perfect your security interest. That is the general rule.

For specific legal advice on your particular case you must of course see an attorney.

Regards, doc