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effective lien strip ?
charset="windows-1251"
Same issue, same questions.
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.
mitnicklaw@aol.com
Sent: Friday, May 29, 2009 10:03 AM
To: cdcbaa@yahoogroups.com
Subject: Re: [cdcbaa] effective lien strip ?
In a message dated 5/28/2009 7:28:10 PM Pacific Daylight Time,
DavidTilem@TilemLaw.com writes:
This question is coming up more and more. What is the effect of a lien
strip on the rights of a non-filing co-tenant?
We know that if the property is community property, then the entire property
becomes property of the estate and the lien strip is completely effective -
freeing the property from the lien entirely. The problem arises when the
property is NOT community property.
While I hope that I am wrong, it seems logical that the rights of the
creditor versus a non-debtor and relating to that portion of the property
which is NOT property of the estate cannot be affected by a bankruptcy
proceeding of a co-tenant. As such, the lien would be stripped from the
Debtor's interest in the property, but remain as to the co-tenant's
interest. This is no different than the effect of a discharge - a
non-debtor cannot benefit unless they qualify for the community property
discharge.
How does this work if the property is subsequently sold for a
post-bankruptcy gain? Again, logic suggests that the non-debtor would
still have to pay the full amount of the secured obligation.
I would be very interested in having the views/comments of others on this
listserve.
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.
mitnicklaw@aol.com
Sent: Thursday, May 28, 2009 1:31 PM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] effective lien strip ?
H&W, prospective debtor(s), owned their residence jointly before being
married. After marriage, they refinance the residence, w/o a change in
title Both of them are borrowers on the newer loans. The property value
will otherwise allow a Lam lien-strip of the 2nd t/d. Can only one of them
file a chapter 13 and get complete relief from the second t/d? (There is no
prenuptial agreement.)
Any thoughts ?
Eric
_____
We found the real 'Hotel
The post was migrated from Yahoo.
In a message dated 5/28/2009 7:28:10 PM Pacific Daylight Time,
DavidTilem@TilemLaw.com writes:
This question is coming up more and more. What is the effect of a lien
strip on the rights of a non-filing co-tenant?
We know that if the property is community property, then the entire
property becomes property of the estate and the lien strip is completely
effective - freeing the property from the lien entirely. The problem arises when
the property is NOT community property.
While I hope that I am wrong, it seems logical that the rights of the
creditor versus a non-debtor and relating to that portion of the property which
is NOT property of the estate cannot be affected by a bankruptcy
proceeding of a co-tenant. As such, the lien would be stripped from the Debtor's
interest in the property, but remain as to the co-tenant's interest. Thisis no different than the effect of a discharge - a non-debtor cannot benefit
unless they qualify for the community property discharge.
How does this work if the property is subsequently sold for a
post-bankruptcy gain? Again, logic suggests that the non-debtor would still have to
pay the full amount of the secured obligation.
I would be very interested in having the views/comments of others on this listserve.
David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem (a debt relief agency)
206 N. Jackson Street, #201, , G, ,
The post was migrated from Yahoo.
charset="windows-1251"
This question is coming up more and more. What is the effect of a lien
strip on the rights of a non-filing co-tenant?
We know that if the property is community property, then the entire property
becomes property of the estate and the lien strip is completely effective -
freeing the property from the lien entirely. The problem arises when the
property is NOT community property.
While I hope that I am wrong, it seems logical that the rights of the
creditor versus a non-debtor and relating to that portion of the property
which is NOT property of the estate cannot be affected by a bankruptcy
proceeding of a co-tenant. As such, the lien would be stripped from the
Debtor's interest in the property, but remain as to the co-tenant's
interest. This is no different than the effect of a discharge - a
non-debtor cannot benefit unless they qualify for the community property
discharge.
How does this work if the property is subsequently sold for a
post-bankruptcy gain? Again, logic suggests that the non-debtor would
still have to pay the full amount of the secured obligation.
I would be very interested in having the views/comments of others on this
listserve.
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.
mitnicklaw@aol.com
Sent: Thursday, May 28, 2009 1:31 PM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] effective lien strip ?
H&W, prospective debtor(s), owned their residence jointly before being
married. After marriage, they refinance the residence, w/o a change in
title Both of them are borrowers on the newer loans. The property value
will otherwise allow a Lam lien-strip of the 2nd t/d. Can only one of them
file a chapter 13 and get complete relief from the second t/d? (There is no
prenuptial agreement.)
Any thoughts ?
Eric
_____
We found the real 'Hotel
The post was migrated from Yahoo.
H&W, prospective debtor(s), owned their residence jointly before being
married. After marriage, they refinance the residence, w/o a change in title
Both of them are borrowers on the newer loans. The property value will
otherwise allow a Lam lien-strip of the 2nd t/d. Can only one of them file a
chapter 13 and get complete relief from the second t/d? (There is no
prenuptial agreement.)
Any thoughts ?
Eric
**************We found the real Hotel California and the diner. What will you find? Explore WhereItsAt.com.
The post was migrated from Yahoo.