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Chapter 13 debtor on loan but doesn't own house
As between the lender and the debtor the loan is secured, because of deed of trust recorded against the collateral, regardless of what was done in the family law court. The lender was not a party to the MSA and so is not bound by it, and neither is its interest in the collateral. In this instance (and I have had such cases) I list the loan in Schedule D (secured) and list the real property as collateral for the loan, disclosing the transfer in the SOFA and disclosing that the debtor has no interest in the real property in Schedule A.
Lou Esbin
>
> Use David's analysis. Matters most recourse or nonrecourse
>
> Sent from my iPhone
>
> On Dec 29, 2009, at 11:05 PM, "Holly Roark" wrote:
>
> > Well if it is unsecured, then she is above the limit for a Chapter
> > 13 because it is $600K. That's why I want to know how to classify it.
> >
> > Holly Roark
> >
> > --- In cdcbaa@yahoogroups.com, Dennis McGoldrick wrote:
> > >
> > > Holly,
> > >
> > > Who cares? Is plan a pot plan? If so the same money would go to
> > another creditor.
> > >
> > > D
> > >
> > > Sent from my iPhone
> > >
> > > On Dec 29, 2009, at 1:37 PM, "Holly Roark" wrote:
> > >
> > > Debtor deeded house to ex-husband per the divorce agreement.
> > Debtor is still on loan (with ex-husband) and Debtor is filing a
> > Chapter 13. She doesn't have any interest in the house and doesn't
> > want it. Is the loan treated as an unsecured claim in her bankruptcy > > and will lender get paid pro rata share like the credit cards? If it > > was a secured claim, she would just surrender the house, but she
> > can't do that now because she no longer has an interest in the house.
> > >
> > > Ex-husband who lives in the house is not paying on the loan for
> > the next five months because of some arrangement he got through the > > Obama Plan. Not sure if that is relevant or whether that affects the > > debtor at all. She did not sign off on whatever deal it was he got.
> > >
> > > Holly Roark
> > > holly@
> > >
> >
> >
>
The post was migrated from Yahoo.
Use David's analysis. Matters most recourse or nonrecourse
Sent from my iPhone
On Dec 29, 2009, at 11:05 PM, "Holly Roark" wrote:
> Well if it is unsecured, then she is above the limit for a Chapter
> 13 because it is $600K. That's why I want to know how to classify it.
>
> Holly Roark
>
> --- In cdcbaa@yahoogroups.com, Dennis McGoldrick wrote:
> >
> > Holly,
> >
> > Who cares? Is plan a pot plan? If so the same money would go to
> another creditor.
> >
> > D
> >
> > Sent from my iPhone
> >
> > On Dec 29, 2009, at 1:37 PM, "Holly Roark" wrote:
> >
> > Debtor deeded house to ex-husband per the divorce agreement.
> Debtor is still on loan (with ex-husband) and Debtor is filing a
> Chapter 13. She doesn't have any interest in the house and doesn't
> want it. Is the loan treated as an unsecured claim in her bankruptcy
> and will lender get paid pro rata share like the credit cards? If it
> was a secured claim, she would just surrender the house, but she
> can't do that now because she no longer has an interest in the house.
> >
> > Ex-husband who lives in the house is not paying on the loan for
> the next five months because of some arrangement he got through the
> Obama Plan. Not sure if that is relevant or whether that affects the
> debtor at all. She did not sign off on whatever deal it was he got.
> >
> > Holly Roark
> > holly@...
> >
>
>
Use David's analysis. Matters most recourse or nonrecourseSent from my iPhoneOn Dec 29, 2009, at 11:05 PM, "Holly Roark" <roarklaw@yahoo.com> wrote:
Well if it is unsecured, then she is above the limit for a Chapter 13 because it is $600K. That's why I want to know how to classify it.
Holly Roark
com, Dennis McGoldrick <easky1@...> wrote:
>
> Holly,
>
> Who cares? Is plan a pot plan? If so the same money would go to another creditor.
>
> D
>
> Sent from my iPhone
>
> On Dec 29, 2009, at 1:37 PM, "Holly Roark" <roarklaw@...> wrote:
>
> Debtor deeded house to ex-husband per the divorce agreement. Debtor is still on loan (with ex-husband) and Debtor is filing a Chapter 13. She doesn't have any interest in the house and doesn't want it. Is the loan treated as an unsecured claim in her bankruptcy and will lender get paid pro rata share like the credit cards? If it was a secured claim, she would just surrender the house, but she can't do that now because she no longer has an interest in the house.
>
> Ex-husband who lives in the house is not paying on the loan for the next five months because of some arrangement he got through the Obama Plan. Not sure if that is relevant or whether that affects the debtor at all. She did not sign off on whatever deal it was he got.
>
> Holly Roark
> holly@...
>
The post was migrated from Yahoo.
It is a first mortgage for $600K on a principal residence. Debtor no longer lives there and she deeded it to her husband per the divorce agreement. He lives in the house.
Holly Roark
holly@roarklawoffices.com
>
> Need more information.... Recourse loan? Try 502(e).
>
>
> 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.
> Business bankruptcy specialist cert. by Amer. Bd. of Certification
>
>
> -----Original Message-----
> Holly Roark
> Sent: Tuesday, December 29, 2009 1:37 PM
> To: cdcbaa@yahoogroups.com
> Subject: [cdcbaa] Chapter 13 debtor on loan but doesn't own house
>
>
>
>
> Debtor deeded house to ex-husband per the divorce agreement. Debtor is still
> on loan (with ex-husband) and Debtor is filing a Chapter 13. She doesn't
> have any interest in the house and doesn't want it. Is the loan treated as
> an unsecured claim in her bankruptcy and will lender get paid pro rata share
> like the credit cards? If it was a secured claim, she would just surrender
> the house, but she can't do that now because she no longer has an interest
> in the house.
>
> Ex-husband who lives in the house is not paying on the loan for the next
> five months because of some arrangement he got through the Obama Plan. Not
> sure if that is relevant or whether that affects the debtor at all. She did
> not sign off on whatever deal it was he got.
>
> Holly Roark
> holly@roarklawoffic es.com
>
The post was migrated from Yahoo.
charset="windows-1251"
Need more information.... Recourse loan? Try 502(e).
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.
Holly Roark
Sent: Tuesday, December 29, 2009 1:37 PM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Chapter 13 debtor on loan but doesn't own house
Debtor deeded house to ex-husband per the divorce agreement. Debtor is still
on loan (with ex-husband) and Debtor is filing a Chapter 13. She doesn't
have any interest in the house and doesn't want it. Is the loan treated as
an unsecured claim in her bankruptcy and will lender get paid pro rata share
like the credit cards? If it was a secured claim, she would just surrender
the house, but she can't do that now because she no longer has an interest
in the house.
Ex-husband who lives in the house is not paying on the loan for the next
five months because of some arrangement he got through the Obama Plan. Not
sure if that is relevant or whether that affects the debtor at all. She did
not sign off on whatever deal it was he got.
Holly Roark
holly@roarklawoffic es.com
charset="windows-1251"
Message
Need more information....
Recourse loan? Try 502(e).
David A.
Tilem
Certified Bankruptcy
Specialist*
The post was migrated from Yahoo.
Well if it is unsecured, then she is above the limit for a Chapter 13 because it is $600K. That's why I want to know how to classify it.
Holly Roark
>
> Holly,
>
> Who cares? Is plan a pot plan? If so the same money would go to another creditor.
>
> D
>
> Sent from my iPhone
>
> On Dec 29, 2009, at 1:37 PM, "Holly Roark" wrote:
>
> Debtor deeded house to ex-husband per the divorce agreement. Debtor is still on loan (with ex-husband) and Debtor is filing a Chapter 13. She doesn't have any interest in the house and doesn't want it. Is the loan treated as an unsecured claim in her bankruptcy and will lender get paid pro rata share like the credit cards? If it was a secured claim, she would just surrender the house, but she can't do that now because she no longer has an interest in the house.
>
> Ex-husband who lives in the house is not paying on the loan for the next five months because of some arrangement he got through the Obama Plan. Not sure if that is relevant or whether that affects the debtor at all. She did not sign off on whatever deal it was he got.
>
> Holly Roark
> holly@...
>
The post was migrated from Yahoo.
Holly,
Who cares? Is plan a pot plan? If so the same money would go to another creditor.
D
Sent from my iPhone
On Dec 29, 2009, at 1:37 PM, "Holly Roark" wrote:
Debtor deeded house to ex-husband per the divorce agreement. Debtor is still on loan (with ex-husband) and Debtor is filing a Chapter 13. She doesn't have any interest in the house and doesn't want it. Is the loan treated as an unsecured claim in her bankruptcy and will lender get paid pro rata share like the credit cards? If it was a secured claim, she would just surrender the house, but she can't do that now because she no longer has an interest in the house.
Ex-husband who lives in the house is not paying on the loan for the next five months because of some arrangement he got through the Obama Plan. Not sure if that is relevant or whether that affects the debtor at all. She did not sign off on whatever deal it was he got.
Holly Roark
holly@roarklawoffices.com
Holly,Who cares? Is plan a pot plan? If so the same money would go to another creditor.DSent from my iPhoneOn Dec 29, 2009, at 1:37 PM, "Holly Roark" <roarklaw@yahoo.com> wrote:
Debtor deeded house to ex-husband per the divorce agreement. Debtor is still on loan (with ex-husband) and Debtor is filing a Chapter 13. She doesn't have any interest in the house and doesn't want it. Is the loan treated as an unsecured claim in her bankruptcy and will lender get paid pro rata share like the credit cards? If it was a secured claim, she would just surrender the house, but she can't do that now because she no longer has an interest in the house.
Ex-husband who lives in the house is not paying on the loan for the next five months because of some arrangement he got through the Obama Plan. Not sure if that is relevant or whether that affects the debtor at all. She did not sign off on whatever deal it was he got.
Holly Roark
holly@roarklawoffices.com
The post was migrated from Yahoo.
Debtor deeded house to ex-husband per the divorce agreement. Debtor is still on loan (with ex-husband) and Debtor is filing a Chapter 13. She doesn't have any interest in the house and doesn't want it. Is the loan treated as an unsecured claim in her bankruptcy and will lender get paid pro rata share like the credit cards? If it was a secured claim, she would just surrender the house, but she can't do that now because she no longer has an interest in the house.
Ex-husband who lives in the house is not paying on the loan for the next five months because of some arrangement he got through the Obama Plan. Not sure if that is relevant or whether that affects the debtor at all. She did not sign off on whatever deal it was he got.
Holly Roark
holly@roarklawoffices.com
The post was migrated from Yahoo.