A client of ours has pledged collateral for their son's purchase of a commercial property that is now in foreclosure and also has a huge tax lien on it. The collateral they pledged is a home free and clear of a mortgage. They also have two other homes with no mortgages. Obviously this will be a 100% plan, however will the judgment creditor of the mortgage on the commercial property be recieving anything? Or the taxing authority? We are surrendering the property through the Plan. Thanks in advance.
Surrendering commerical property through the plan
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