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You have to look at the bankruptcy file and also review the Chapter 13 plan to determine the status of the other two mortgages. A Chapter 13 can sometimes be used to strip liens from property if the liens exceed the value of the property. Until you determine otherwise, it would be best to assume that you will be subject to the other two mortgages as well.

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โˆ™ 2005-09-06 02:43:21
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โˆ™ 2016-07-28 04:36:42

Seek the help of a real estate lawyer to fully understand the contract. You want free and clear ownership when you purchase with one loan. Usually, your lender will not approve a loan for property that is subject to liens or judgements until they are paid.

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Q: If you want to buy a house in Arizona that has 3 mortgages on it and the previous owners declared chapter 13 bankruptcy on all three do you assume all 3 mortgages if you assume the senior loan?
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Related Questions

What are the Arizona bankruptcy laws?

The Arizona bankruptcy laws are too long and complex to include in this answer. One can find the complete information at the website for the US Courts Arizona District or at the site called Arizona Bankruptcy Law.


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