Threat of Bankruptcy to stall foreclosure

[pecoemla]

I have a 2d mortgage on a property with quite a bit of equity. Debtor has failed to pay after several extensions, concessions and even a settlement agreement. I started foreclosure. 7 months passed with no communication. Less than one week from the sale date I hear from his attorney. He is threatening bankruptcy unless I "negotiate" again. I know he will do anything to keep from losing the property. I also believe that he has the $. He offered to pay most of the debt if I would once again come down and renegotiate again. I responded with a small discount and demanded most of the debt and agreed to postpone the foreclosure for 3 months to allow him to pay the balance. What am I looking at if he files the BR. If a repayment plan requires him to sell the property I know that he won't do it.

[Mileaway]

I have a 2d mortgage on a property with quite a bit of equity. Debtor has failed to pay after several extensions, concessions and even a settlement agreement. I started foreclosure. 7 months passed with no communication. Less than one week from the sale date I hear from his attorney. He is threatening bankruptcy unless I "negotiate" again. I know he will do anything to keep from losing the property. I also believe that he has the $. He offered to pay most of the debt if I would once again come down and renegotiate again. I responded with a small discount and demanded most of the debt and agreed to postpone the foreclosure for 3 months to allow him to pay the balance. What am I looking at if he files the BR. If a repayment plan requires him to sell the property I know that he won't do it.

What does "your" lawyer advise?
Personally, I would continue persuing my foreclosure procedings, it sounds like you have tried your best to help this one out. His (threatened) BK is his ploy and problem, if he follows through with it you will at least get the opportunity to pitch your plea for some of his $. What do you have now? nada....what do you expect to get from him? nada.. there is no reason you "have" to reduce or negotiate the loan unless it's spelled out in your agreement. I'd recind all my offers(if not in writing) and turn the tide on this crap-out. Unless you like giving money away, in that case, we could all use some if your feeling generous! Again, what does your lawyer advise?
Oh no...don't tell me he's a realative or your wife's brothers cousin!:eek:
Good Luck!