Private Mortgage For Sale
Question: Due to divorce, I have to sell a first mortgage I hold on a piece of residential property.
The residential property is valued at 100K
The mortgage note is 120K for 10 years at 10%
To my knowledge there are NO other liens on the property
The property is located in Bensalem, Bucks County, Pa. which is outside of Philadelphia,
Answer: I am the first mortgage holder on a residential property valued at 100K in Bensalem, Pa as a result of a commercial loan I co-signed with the decease in 1990.
Commercial money was borrowed from the SBA in 1990 for 120K. Today the balance owed to the SBA is 57K.
I am interested in selling this mortgage for 60K.
The new owners would get a clean title and they could foreclose on this mortgage or reopen the decease’s (Koch) dismissed chapter 7 bankruptcy filing.
The decease passed away in 1991. Prior to his death he converted a chapter 13 bankruptcy to a chapter 7. Naturally, he never showed up for his 341 creditors meeting. therefore, the Bankruptcy court in Reading, Pa. dismissed his case.
The catch is that Koch’s attorney never informed the court or creditors that Koch passed away. If she did, as you know the court would have proceeded with paying Koch’s creditors by liquidating his estate.
As you know, my note is 120K and the value of Koch’s house is 100K. I need to pay the SBA 57K, therefore there is a good deal of money to be made.
If anyone is interested in buying the note please e-mail me privately. What type of property is it? Please post description. Is there an appraisal? Why don’t you just forclose?
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