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Question re: Holding Mortgage on Property
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jakescia
Posted 2/8/2012 11:56 (#2213747 - in reply to #2213608)
Subject: did you keep the principal and interest paid to you, or was the land sold by the debtor?



Oskaloosa, Iowa 52577


Seems if you kept the principle and interest payments, plus got the land back, you came out pretty well.........as long as the land was of fair market value equal to or greater than the unpaid principle.

If the bankruptcy court sold the land, and paid off the note to you, then you still got the original deal.

I am having a difficult time in seeing where you got hammered, whether you were the title holder, or were carrying the first mortgage????

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