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Mortgage Deficiency Balance After Loanmod
Ty, if property was surrendered, absent loan mods, we can all agree there is
no liability on the second post-discharge, normally.
Christine, wouldn't the timing of the execution of the contract be a factor?
These facts have a post-filing promise to pay a debt that otherwise would
have been discharged.
John, I think I'm saying the same thing as you.
Mark, at the time of the loanmod signing, I'm not sure the second was
discharged since Chapter 7 doesn't discharge 2nds where debtor still has
possession (assuming a fact, or else why would he do the loanmod)?
Summing up:
Filing--> Discharge--> Surrender: NO LIABILITY
LOANMOD--> Filing--> Discharge--> Surrender: NO LIABILITY
Filing--> LOANMOD--> Discharge--> Surrender: LIABILITY
Filing--> Discharge--> LOANMOD--> Surrender: LIABILITY
The latter is Ty's case.
Of course, I could be wrong.
Hale
Mike from SLO
Sent: Tuesday, May 25, 2010 12:44 PM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Mortgage Deficiency Balance After Loanmod
Debtor owns home with 1st and 2nd trust deeds. Files a Ch.7 bk which is
discharged and subsequently signs loanmod on 2nd TD. Debtor defaults
thereafter and losses home to 1st TD at foreclosure sale. Is he on the hook
for the 2nd TD's deficiency because of the loansmod?
Ty Takeuchi
The post was migrated from Yahoo.
Only a reaf is a reaf
Dennis McGoldrick
350 S. Crenshaw Bl., #A207B
Torrance, CA 90503
On May 25, 2010, at 12:43 PM, "Mike from SLO" wrote:
Debtor owns home with 1st and 2nd trust deeds. Files a Ch.7 bk which is discharged and subsequently signs loanmod on 2nd TD. Debtor defaults thereafter and losses home to 1st TD at foreclosure sale. Is he on the hook for the 2nd TD's deficiency because of the loansmod?
Ty Takeuchi
Only a reaf is a reafDennis McGoldrick350 S. Crenshaw Bl., #A207BTorrance, CA 90503On May 25, 2010, at 12:43 PM, "Mike from SLO" <armen@tysonfirm.com> wrote:
Debtor owns home with 1st and 2nd trust deeds. Files a Ch.7 bk which is discharged and subsequently signs loanmod on 2nd TD. Debtor defaults thereafter and losses home to 1st TD at foreclosure sale. Is he on the hook for the 2nd TD's deficiency because of the loansmod?
Ty Takeuchi
The post was migrated from Yahoo.
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Debt discharged in bankruptcy would not be a taxable event in any event.
My Card
Jonathan D. Leventhal, Esq.
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My concern is that the debtor got his discharge and subsequently signed
the loan modification. I expect that the loan modification would act as a
reaffirmation of the original debt, if not an incurring of new debt.
Without citing to statutes, case law, or the actual language of the loan
modification contract, I think the debtor is on the hook for the 2d trust
deed.
- John D. Faucher
On 5/25/10 12:55 PM, "Christine Wilton" wrote:
>
>
>
>
>
> Young Lawyer Response:
>
> If the 2nd was listed on the petition and the debt was not reaffirmed in the
> bk 7, and the debtor subsequently defaulted, the debtor would not be liable
> for any deficiencies.
>
> Also, as I currently understand the federal government is waiving tax
> liabilities on bad mortgage debt written off; and so is California Franchise
> Tax (until 2012). So, the debtor should have neither tax liability, nor a
> deficiency amount due.
>
> If this response is confirmed by our more experienced members, that would be
> great.
>
> Thanks, Christine
>
> On Tue, May 25, 2010 at 12:43 PM, Mike from SLO wrote:
>>
>> Debtor owns home with 1st and 2nd trust deeds. Files a Ch.7 bk which is
>> discharged and subsequently signs loanmod on 2nd TD. Debtor defaults
>> thereafter and losses home to 1st TD at foreclosure sale. Is he on the hook
>> for the 2nd TD's deficiency because of the loansmod?
>> Ty Takeuchi
>>
>
>
>>> - John D. Faucher
charset="ISO-8859-1"
Re: [cdcbaa] Mortgage Deficiency Balance After Loanmod
My concern is that t
The post was migrated from Yahoo.
How would the loan modification have acted as a reaffirmation
agreement if there was no approved reaffirmation agreement in accords
with Section 524(c) & (d) in the earlier Chapter 7? The 2nd was
discharged. Assuming the lender was fully aware of the prior bk
discharge of its debt I am not aware of any way to revive personal
liability on a discharged debt.
Mark T. Jessee
Law Offices of Mark T. Jessee
"A Debt Relief Agency"
50 W. Hillcrest Drive, Suite 200
Thousand Oaks, CA 91360
(805) 497-5868
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On Tue 25/05/10 12:43 PM , "Mike from SLO" armen@tysonfirm.com sent:
Debtor owns home with 1st and 2nd trust deeds. Files a Ch.7 bk which
is discharged and subsequently signs loanmod on 2nd TD. Debtor
defaults thereafter and losses home to 1st TD at foreclosure sale. Is
he on the hook for the 2nd TD's deficiency because of the loansmod?
Ty Takeuchi
Links:
[1] mailto:cdcbaa@yahoogroups.com?subjectMortgage Deficiency Balance
After Loanmod
[2]
The post was migrated from Yahoo.
Young Lawyer Response:
If the 2nd was listed on the petition and the debt was not reaffirmed in the
bk 7, and the debtor subsequently defaulted, the debtor would not be liable
for any deficiencies.
Also, as I currently understand the federal government is waiving tax
liabilities on bad mortgage debt written off; and so is California Franchise
Tax (until 2012). So, the debtor should have neither tax liability, nor a
deficiency amount due.
If this response is confirmed by our more experienced members, that would be
great.
Thanks, Christine
On Tue, May 25, 2010 at 12:43 PM, Mike from SLO wrote:
>
>
> Debtor owns home with 1st and 2nd trust deeds. Files a Ch.7 bk which is
> discharged and subsequently signs loanmod on 2nd TD. Debtor defaults
> thereafter and losses home to 1st TD at foreclosure sale. Is he on the hook
> for the 2nd TD's deficiency because of the loansmod?
> Ty Takeuchi
>
>
>
Christine A. Wilton
Principal Attorney
Greifendorff Law Offices
4067 Hardwick Street, #319
Lakewood, CA 90712
Toll Free: 877-207-6013
Cell: 562-824-7563
Fax: 562-804-4028
Email: attorneychristine@gmail.com
Web: www.greifenlaw.com
Blog: www.losangelesbankruptcylawmonitor.com
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Young Lawyer Response:
If the 2nd was listed on the petition and the debt was not reaffirmed in the bk 7, and the debtor subsequently defaulted, the debtor would not be liable for any deficiencies.
Also, as I currently understand the federal government is waiving tax liabilities on bad mortgage debt written off; and so is California Franchise Tax (until 2012). So, the debtor should have neither tax liability, nor a deficiency amount due.
If this response is confirmed by our more experienced members, that would be great.
Thanks, Christine
On Tue, May 25, 2010 at 12:43 PM, Mike from SLO <armen@tysonfirm.com> wrote:
Debtor owns home with 1st and 2nd trust deeds. Files a Ch.7 bk which is discharged and subsequently signs loanmod on 2nd TD. Debtor defaults thereafter and losses home to 1st TD at foreclosure sale. Is he on the hook for the 2nd TD's deficiency because of the loansmod?
Ty Takeuchi
-- Christine A. WiltonPrincipal AttorneyGreifendorff Law Offices4067 Hardwick Street, #319Lakewood, CA 90712
Toll Free: 877-207-6013Cell: 562-824-7563Fax: gmail.com">attorneychristine@gmail.comWeb: www.greifenlaw.com
Blog: www.losange
The post was migrated from Yahoo.
Debtor owns home with 1st and 2nd trust deeds. Files a Ch.7 bk which is discharged and subsequently signs loanmod on 2nd TD. Debtor defaults thereafter and losses home to 1st TD at foreclosure sale. Is he on the hook for the 2nd TD's deficiency because of the loansmod?
Ty Takeuchi
The post was migrated from Yahoo.