Case Type: Real Estate
Opposing Party: Bankruptcy Debtor
Summary:
Our clients loaned over $900,000.00 to a property owner. When the property owner stopped making the required monthly payments, our clients were forced to begin foreclosure proceedings on the property that was securing the debt. In hopes of stopping the foreclosure, the property owner filed bankruptcy.
We were able to successfully secure the debt in the amount of $1,100,000.00, and obtained an order granting our clients monthly payments of $7,500.00. The bankruptcy Court also ordered that the property must be sold within 7 months to repay our clients or they would be allowed to proceed with foreclosure.