Updated over 9 years ago on . Most recent reply
Bob MaleckiPoster
#4 Tax Liens & Mortgage Notes Contributor
#4 Tax Liens & Mortgage Notes Contributor
- Investor
- Kingston, WA
- 1,451
- Votes |
- 1,723
- Posts
Chapter 11 question on commercial property note
Bob MaleckiPoster#4 Tax Liens & Mortgage Notes Contributor
#4 Tax Liens & Mortgage Notes Contributor
- Investor
- Kingston, WA
I'm reviewing a 1st position NPL on a commercial property in WA. Found that there are >$23K in unpaid prop taxes with the county. Called the county and was told that there is a BK filing. Looked up the borrower on Pacer and found they filed Chapter 11 in 2012.
I'm not too familiar with BK 11 but as I understand it is similar to 13 but a business filing, is this correct? Bottom line, if I were to buy this note and wait out the final outcome on the BK process, would I expect to get payments on the note as well as the arrearages? What happens to the unpaid prop taxes? Any help or point me to an online resource to learn more is appreciated.
Bob