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Cram down of Second?
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Joe:
The problem I have with cramdown of a non-principal residence loan is what
happens to the loan AFTER the cramdown. I know that the unsecured portion
gets treated like all other unsecured claims, but don't you have to pay the
full amount of the secured portion over the life of the plan (or find
replacement financing at 100% Loan-to-Value)?
David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem (a debt relief agency)
206 N. Jackson Street, #201, Glendale, CA 91206
Tel: 818-507-6000 Fax: 818-507-6800
* Bankruptcy specialist cert. by State Bar of CA Bd of Legal
Specialization.
Joseph E. Caceres
Sent: Thursday, May 28, 2009 1:03 PM
To: cdcbaa@yahoogroups.com
Subject: RE: [cdcbaa] Cram down of Second?
Unless its not the debtors principal residence, in which case cramdown can
take place.
Joseph E. Caceres, Esq.
Caceres & Shamash, LLP
8200 Wilshire Boulevard, Suite 400
Beverly Hills, CA 90211
Tel: (310) 205-3400 x 65
Fax: (310) 878-8308
E-Mail: jec@locs.com
The post was migrated from Yahoo.
In a Chapter 13 case where there is equity over and above the first deed of trust, but less than what is owed on the second, can the second be "crammed down" and paid in full during the term of the plan?
...or would this be too easy and I completely missed something apparent...?
Matthew D. Resnik
Attorney at Law
Simon and Resnik LLP
449 S. Beverly Drive
Suite 210
Beverly Hills, Ca
90212
T:310-788-9777
F: 310-788-0017
Matt@resniklaw.com
www.simonresnik.com
The post was migrated from Yahoo.