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house and tri-plex upside down
To all who responded to my question thank you! Client didnt do anything
fraudulent on her applications and will not file bk for the reasons everyone
stated. There is no deficiencies. She was just concerned there might be.
Vicki
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Why is this person filing any bankruptcy. These are non-judicial
foreclosures - no deficiency, no problem. Are there other debt issues????
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.
Jim Selth
Sent: Monday, February 02, 2009 2:26 PM
To: cdcbaa@yahoogroups.com
Subject: RE: [cdcbaa] house and tri-plex upside down
And don't forget to consider whether the debtor may have made any false
statements or representations to the junior lienholder when she obtained the
mortgage loan - the most common being to say that the property was going to
be "owner occupied" when it was in fact an investment property or a rental
in which the debtor never lived. In such cases, I advise the client to file
the bankruptcy before the senior lienholder's foreclosure has taken place,
since junior lienholder lenders rarely take action with regard to a 523
Complaint for Nondischargeability when their loan is still in the
default/foreclosure department. However, following the foreclosure sale by
the senior lienholder, the "sold-out junior" loan will probably be in the
lender's loss mitigation department or even with a collection agency or
attorney. Those folks will be more likely to take a look at a Loan
Application to see if there were any false representations and consider
sending it out to an attorney to review for a 523 Complaint. I used to file
a lot of those 523 cases in my former life as a creditor's attorney.
Jim
James R. Selth
Weintraub & Selth, APC
12121 Wilshire Boulevard, Suite 1300
Los Angeles, California 90025
Telephone: (310) 207-1494
Facsimile: (310) 442-0660
E-Mail: jim@wsrlaw.net
NOTICE TO RECIPIENT: THIS E-MAIL IS MEANT FOR ONLY THE INTENDED RECIPIENT
OF THE TRANSMISSION AND THIS COMMUNICATION IS INTENDED TO BE PRIVILEGED BY
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_____
The post was migrated from Yahoo.
And don't forget to consider whether the debtor may have made any false
statements or representations to the junior lienholder when she obtained the
mortgage loan - the most common being to say that the property was going to
be "owner occupied" when it was in fact an investment property or a rental
in which the debtor never lived. In such cases, I advise the client to file
the bankruptcy before the senior lienholder's foreclosure has taken place,
since junior lienholder lenders rarely take action with regard to a 523
Complaint for Nondischargeability when their loan is still in the
default/foreclosure department. However, following the foreclosure sale by
the senior lienholder, the "sold-out junior" loan will probably be in the
lender's loss mitigation department or even with a collection agency or
attorney. Those folks will be more likely to take a look at a Loan
Application to see if there were any false representations and consider
sending it out to an attorney to review for a 523 Complaint. I used to file
a lot of those 523 cases in my former life as a creditor's attorney.
Jim
James R. Selth
Weintraub & Selth, APC
12121 Wilshire Boulevard, Suite 1300
Los Angeles, California 90025
Telephone: (310) 207-1494
Facsimile: (310) 442-0660
E-Mail: jim@wsrlaw.net
NOTICE TO RECIPIENT: THIS E-MAIL IS MEANT FOR ONLY THE INTENDED RECIPIENT
OF THE TRANSMISSION AND THIS COMMUNICATION IS INTENDED TO BE PRIVILEGED BY
LAW. IF YOU RECEIVED THIS E-MAIL IN ERROR, ANY REVIEW, USE, DISSEMINATION,
DISTRIBUTION, OR COPYING OF THIS E-MAIL IS STRICTLY PROHIBITED. PLEASE
NOTIFY US IMMEDIATELY OF THE ERROR BY RETURN-E-MAIL AND PLEASE DELETE THIS
MESSAGE FROM YOUR SYSTEM. THANK YOU IN ADVANCE FOR YOUR COOPERATION
_____
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dennis,
thanks to david, hank and you, i came to the same conclusion.
oh well - there's always more clients..
vicki
Subject: Re: [cdcbaa] house and tri-plex upside down
To: cdcbaa@yahoogroups.com
Date: Friday, January 30, 2009, 9:37 AM
Vicki:
givin one first on each, if the two first trust deeds each use nonjudicial foreclosure, one-action rule applies in each case, no deficiency on either property, and no bk necessary.
dennis
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While the security interest remains, the loans are discharged if she files for bk relief before foreclosure. Any deficiency balance is dischaged if she files after foreclosure. However, you may want to go back and look at the string of discussions on the list serve from a couple months ago regarding tax attributes relating to discharge of indebtness income and the potential pitfalls of filing the petition prior to the foreclosure.
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
NOTICE TO RECIPIENT: THIS E-MAIL IS MEANT FOR ONLY THE INTENDED RECIPIENT OF
THE TRANSMISSION, AND THIS COMMUNICATION IS INTENDED TO BE PRIVILEGED BY
LAW. IF YOU RECEIVED THIS E-MAIL IN ERROR, ANY REVIEW, USE, DISSEMINATION,
DISTRIBUTION, OR COPYING OF THIS E-MAIL IS STRICTLY PROHIBITED. PLEASE NOTIFY
US IMMEDIATELY OF THE ERROR BY RETURN E-MAIL AND PLEASE DELETE THIS
MESSAGE FROM YOUR SYSTEM. THANK YOU IN ADVANCE FOR YOUR COOPERATION.
On Wed Jan 28 18:27 , vicki temkin sent:
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potential client wants to walk away from her house and the tri-plex she bought by refinancing the house. each only has 1 mortgage.
she's concerned about a deficiency judgment on the tri-plex. if she files first, there's
no judgement so can shedischarge both loans?
thanks
vicki temkin
potential client wants to walk away from her house and the tri-plex she bought by refinancing the house. each only has 1 mortgage.
she's concerned about a deficiency judgment on the tri-plex. if she files first, there's
no judgement so can she discharge both loans?
thanks
vicki temkin
The post was migrated from Yahoo.