Perspective
Jul. 20, 2011
Don't underestimate the risks of being a secured creditor in a bankruptcy case
To maximize profits, purchasers should have a good general understanding of the bankruptcy process before acquiring promissory notes. By Howard N. Madris of Howard N. Madris APC
As Donald Trump once said, "[R]eal estate is always good." Indeed, less experienced purchasers of distressed, real estate secured loans might agree. Purchasers often assume that if they buy promissory notes from banks and other lenders for perhaps 50 to 60 percent of the outstanding loan balances, and if the value of their collateral is sufficiently high, they will quickly make substantial profits through either foreclosure of the re...
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