I wouldn’t think so. I would think they’d seize properties base on only the equity, not the total mortgaged value. Likely why this list is so large, so little equity in any of the properties so more need to be seized to meet the total balance of the judgment.
No…? I’m not sure how you got that. I think the confusion in communication goes back to @[email protected] 's statement. Let me introduce my additional understanding there. They said the following, note my addition:
So if these properties are seized and mortgaged to the hilt, he’s still responsible for the balance owed [on the mortgages], isn’t he?
So to restate my position:
No, I do not believe so. I don’t think if the court took a $10million property with a $9million mortgage on it (meaning $1million in equity), I do NOT believe Trump would still owe the outstanding $9 million mortgage. The court would have the equity AND the debt, and would sell off the property keeping the equity and paying the lender the outstanding balance.
Further, lets say for easy math the judgment was only $5 million. Lets also assume that there were 5 identical properties with value, mortgage, and equity. I believe the court would take 5 properties which would equal the $5 million in equity which would equal the $5 million in the judgement.
If the properties are seized, they’ll be sold, not mortgaged, and that amount of money will be applied to what is owed, I believe.
It’s often better for people to sell the property themselves first, because a court officer overseeing the sale doesn’t care as much about getting the highest possible sale price.
So if these properties are seized and mortgaged to the hilt, he’s still responsible for the balance owed, isn’t he?
Ahahahahahaha!
I wouldn’t think so. I would think they’d seize properties base on only the equity, not the total mortgaged value. Likely why this list is so large, so little equity in any of the properties so more need to be seized to meet the total balance of the judgment.
Oh yes he is on the hook for the rest. If Jared won’t use some of his 2 billion he got from the Saudi, then Trump goes bankrupt… again.
So…you do think so.
No…? I’m not sure how you got that. I think the confusion in communication goes back to @[email protected] 's statement. Let me introduce my additional understanding there. They said the following, note my addition:
So to restate my position:
No, I do not believe so. I don’t think if the court took a $10million property with a $9million mortgage on it (meaning $1million in equity), I do NOT believe Trump would still owe the outstanding $9 million mortgage. The court would have the equity AND the debt, and would sell off the property keeping the equity and paying the lender the outstanding balance.
Further, lets say for easy math the judgment was only $5 million. Lets also assume that there were 5 identical properties with value, mortgage, and equity. I believe the court would take 5 properties which would equal the $5 million in equity which would equal the $5 million in the judgement.
Does that add clarity?
If the properties are seized, they’ll be sold, not mortgaged, and that amount of money will be applied to what is owed, I believe.
It’s often better for people to sell the property themselves first, because a court officer overseeing the sale doesn’t care as much about getting the highest possible sale price.