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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Bankruptcy redemption rights - 1st vs. 2nd lien holders Posted by J. Rose on May 02, 2002 at 9:40 PM I recently made anoffer on a property and it was accepted contingent on "the sellers bank approval". Upon delay after delay I found out the property is in forclosure. The sellers stated the offer was enough to pay off the 1st and not the 2nd. Therefore, the sale was off temporarily. The sheriff sale is scheduled and the seller states he is filing for bankruptcy. At which time he will redeem the property and the first will be paid off and the second will have no choice but to take nothing. Does this make sense? What avenues should I persue short of hiring an attorney. J. Rose Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : I recently made anoffer on a property and it was accepted contingent on "the sellers bank approval". Upon delay after delay I found out the property is in forclosure. The sellers stated the offer was enough to pay off the 1st and not the 2nd. Therefore, the sale was off temporarily. The sheriff sale is scheduled and the seller states he is filing for bankruptcy. At which time he will redeem the property and the first will be paid off and the second will have no choice but to take nothing. Does this make sense? What avenues should I persue short of hiring an attorney. : J. Rose Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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