Legal Question in Real Estate Law in Nevada
Bankruptcy
We own income property in Nevada. Wrap mortgage buyer went into bankruptcy. He is paying into Prepetition plan but not making any house payments outside the plan to us. How can we proceed in getting payments outside the plan, even though he is in bankruptcy?
Asked on 2/28/03, 4:07 pm
1 Answer from Attorneys
Paul Malikowski
Malikowski Law Offices, Ltd.
Re: Bankruptcy
You appear need stay relief under Bankrutpcy Code Section 362 in order to pursue your state law remedies; i.e. foreclosure. You may want to hire counsel to accomplish this timely and in accordance with complex rules. Since the property is income, and not residential, the Debtor may claim the right to modify the mortgage debt terms. Your debtor's confirmed plan should be examined to see whether this is the case.
Answered on 2/28/03, 5:53 pm
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