Posted by Rob in IN on February 21, 2002 at 21:26:07:
I am looking to purchase a property which the seller has gone bankrupt (not sure which chapter). The 1st mortgage was about 122K, FMV is about 150K or so. The 1st mortgage was sold in the secondary market and the company holding this note would not divulge any information until the property was sold at auction supposedly "because of how they filed bankruptcy."
All of you legal and REI gurus, do you know why this company will not share any info? How can I go about finding the bank that holds the note to try and purchase the property before auction? Will the jr. notes remain on the property until the auction or have they already been cleared by the fact they have filed for bankruptcy.
Thanks for any assistance.