Concerning 1031 exchanges, what happens if the other party defaults on
the mortgage they assumed from the other party?  Will the financial
institution be able to pursue me as a secondary liable party? 

Will need source of answer (ie 1031 code, case history, or whatever)

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Request for Question Clarification by pafalafa-ga on 30 Jun 2005 05:15 PDT

My guess on this would be that the language of the mortgage contract
itself is more pertinent than 1031 code.  And I can easily imagine a
bank going-forward with a 1031 exchange deal mortgage/transfer only if
they're able to hold both property owners liable for a mortgaged
property.

Have you looked at the actual mortgage language?

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Clarification of Question by newinmoney-ga on 30 Jun 2005 12:26 PDT

No, something that simple never crossed my mind. Guess I should.
(can't see the forest for the trees)

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Request for Question Clarification by pafalafa-ga on 30 Jun 2005 12:43 PDT

You certainly should have a look at some of the "trees", including the
mortgages and any papers from the exchange itself.

Let us know if anything turns up.


pafalafa-ga

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Clarification of Question by newinmoney-ga on 30 Jun 2005 20:18 PDT

will do...thanks.  Its going to take longer than I thought though.