My buyer is interested in purchasing a commercial non-performing note but the owner has declared BK which has cancelled the trustee sale. Besides the obvious risks inherit in purchasing the note, what is the risk of purchasing the Note without the BK being dis-charged?!
Does anyone know?! I am assuming he becomes one of the creditors by replacing the lender on this note. Are there any other options!? Short sale is not an option since the owner is NOT cooperating.