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How does it affect a homeowner if the lender that provided the 20% of a 100 % finance is declaring chapter 11?
the lender that holds the 20 % of the mortgage is declaring chapter 11 bankruptcy. how does that affect the homeowner and the loan he has with them?
3 Answers
- timothy pLv 79 years agoFavorite Answer
The loan is an asset of the lender and doesn't go away. The loan will either be sold to another lender as part of the process or remain through restructuring. It shouldn't have any impact on the borrower.
- Dan BLv 79 years ago
To add to Tim's response, the only affect on the homeowner is that the homeowner will pay their payments to another lender who purchased the assets of the BK lender. The debt will not go away.
