As a function of the BK, the borrower/owner would have either had to reaffirm the debt or surrender the asset.

Is that just so the lessee doesn't have to carry the debt or asset on its books and the rent just becomes an operating expense?

The Electric, gas, companies can only lien the property by getting a personal judgment against the debtor and then recording it.

I agree with the prior threads and your conclusion to pass on this file.Just like there are professional deadbeat tenants, there exists, sadly, people who excel at borrowing with little or no intention of repaying a debt or settling up.While I might be willing to play brinkmanship games with an amateur, I've got a basic rule of investing that says 'don't play the other man's game.'

An order allowing the bankruptcy to be re-opened for the purpose of filing an amended schedule listing the land as an asset of the debtor after notice to all interested parties.

A lot depends, however, on whether you are giving your investor debt or equity.

You would have to pull the entire file and read through the plan and approval to see if the debtor attempted to strip the loan.

Tell him that the judgment debtor is dead, the most you can pay him is $1,000 given the condition of the house, and this is the only way they'll get paid.

We are seeking a first mortgage from a local bank for our 4-plex. We had renovated it since purchase. The loan has to have the property titled in our names, not the name of the LLC. How do we account for the deb...

If he is able to provide legal documentation (i.e. notarized note, drawn up by a lawyer, or whatever documentation he may be able to show), is there a way that the money above and beyond what is owed on the mortgage can go directly towards paying off the debt, or does it have to go to the seller first, and then paid out by him to his other debts?