We hold a second note & trust deed on property, buyer filed bankruptcy today!

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We hold a second note & trust deed on property, buyer filed bankruptcy today!

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07-23-2005, 04:25 AM

shary2000 is offline

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Join Date: Jul 2005

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We hold a second note & trust deed on property, buyer filed bankruptcy today!

What is the name of your state? Oregon

Buyers are 7 months behind and we have not filed for foreclosure against the property but they filed for bankruptcy and want to exempt the property from the bankruptcy but do not want to "reaffirm" the contract.

They do intend to "reaffirm" their contract with the holders of the first mortgage.

What does this mean? Can they have the second mortgage dismissed????

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