Brian J Danzig's Answers

Will chapter 11 work for reorganizing the 18 over leveraged rental properties that I own?

First, I am sorry you are having this difficulty, but rest assured you are not alone. I am not a bankruptcy professional, but I do pre-bankruptcy workouts for lenders and commercial real estate clients. To help you out, an attorney will need much more information. Here are a few questions to get you started thinking about some of the considerations. *Are all or some of the properties owned by you personally? By one or more LLCs, corporations or limited partnerships? *Are you or the...

1 person marked this answer as helpful

Is it possible to bid a trustee sale real property by a loan/mortgage?

Your question is unclear, but it appears you may be interested in buying notes for loans that are in foreclosure and then competing the foreclosure sale. Otherwise, it is difficult to understand what you mean when you say "is it possible to bid. . .by a loan/mortgage". If you buy a loan that is in foreclosure, you will buy the note and the collateral security interest represented by the deed of trust. When the purchase of the note and deed of trust is complete, you will be the...

Making legal documents for verbal agreement

If this is just a loan with simple interest and level payments, no collateral, no fancy terms, etc., you may just need a simple promissory note. You may need other documents as well. What to do and what documents may be necessary or advisable will depend on how much money is involved, what is the interest rate, the payment schedule, amortization, collateral, etc. There are specific basic elements that must be present in a promissory note (for example, the amount of the loan, interest...

1 person marked this answer as helpful