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short sale on a surrenderred property
Hi Axel:
What do the debtors want? I got good advice from this group. Explain the
pro's and cons of doing the motion vs. doing nothing and let them pick which
risk they want to take.
Can the sale be done by stipulation. Your clients stipulate to relief from
stay?
R. Grace Rodriguez
On Wed, Jan 27, 2010 at 3:43 PM, axel richter wrote:
>
>
> Hello Members,
> debtor surrenderred a rental property in a Chap 13, bank is lax and did not
> file a MFR, debtor still in possession of propety, a real estate agent has a
> buyer and has the mortgage company approval, (weird, no MFR but approves a
> short sale), property is still BK estate, Motion to sell is an expense to
> debtor but Real estate agent would pay for it, no benefit to debtor for
> sale, and a possible tax liability,
> query: did anyone do a motion to sell for a surrenderred property, or sale
> of a rental property during BK without proceeds to the BK estate, any
> response is appreciated
> my deduction is to do nothing, leave property as stated (surrenderred), and
> keep insurance on property until relief is granted and property is
> auctioned- am I missing something??
> thank you
> axel
>
>
>
R. Grace Rodriguez, Esq.
OFF: (818) 734-7223
CEL: (323) 304-5496
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Hi Axel:What do the debtors want? I got good advice from this group. Explain the pro's and cons of doing the motion vs. doing nothing and let them pick which risk they want to take. Can the sale be done by stipulation. Your clients stipulate to relief from stay?
R. Grace RodriguezOn Wed, Jan 27, 2010 at 3:43 PM, axel richter <arichterlaw@yahoo.com> wrote:
Hello Members,
debtor surrenderred a rental property in a Chap 13, bank is lax and did not file a MFR, debtor still in possession of propety, a real estate agent has a buyer and has the mortgage company approval, (weird, no MFR but approves a short sale), property is still BK estate, Motion to sell is an expense to debtor but Real estate agent would pay for it, no benefit to debtor for sale, and a possible tax liability,
query: did anyone do a motion to sell for a surrenderred property, or sale of a rental property during BK without proceeds to the BK estate, any response is appreciated
my deduction is to do nothing, leave property as stated (surrenderred), and keep insurance on property until relief is granted and property is auctioned- am I missing something??
thank you
axel
-- R. Grace Rodriguez, Esq.OFF: (818) 734-7223CEL: (323) 304-5496NO EX-PARTE NOTICE VIA VOICE MAIL OR EMAIL: I do not accept e-mail notice for ex parte Applications via voicemail or by email. You must comply with California Law and give notice to a person in my office during regular business hours.
CONFIDENTIALITY STATEMENT: This message contains privileged and confidential information and is intended only for the individual named. If you are not the intended recipient you should not disseminate, distribute, store, print, copy or deliver this message. Please notify the sender immediately by e-mail if you have received this e-mail by mistake and delete this e-mail from your system.
The post was migrated from Yahoo.
If there are any postpetition HOA dues, those are nondischargeable
and owed by the debtors until titled to the property is no longer in
their names. The ongoing insurance, HOA and maintenance expenses may
cause difficulties for the debtors, which would be avoided with a
short sale. On the flip side before pursuing the short sale,
especially if this is a situation where the debtors refinanced and
took money from the property, you might want to have the debtors
consult with their accountant to determine If there would be a capital
gain from the sale of the property in the short sale that would be
higher than the capital gain if foreclosure occurs.
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 Wed 27/01/10 3:43 PM , axel richter arichterlaw@yahoo.com sent:
Hello Members, debtor surrenderred a rental property in a Chap
13, bank is lax and did not file a MFR, debtor still in possession of
propety, a real estate agent has a buyer and has the mortgage company
approval, (weird, no MFR but approves a short sale), property is still
BK estate, Motion to sell is an expense to debtor but Real estate
agent would pay for it, no benefit to debtor for sale, and a possible
tax liability, query: did anyone do a motion to sell for a
surrenderred property, or sale of a rental property during BK without
proceeds to the BK estate, any response is appreciated my deduction is
to do nothing, leave property as stated (surrenderred), and keep
insurance on property until relief is granted and property is
auctioned- am I missing something?? thank you axel
Links:
[1] mailto:arichterlaw@yahoo.com?subjectshort sale on a surrenderred
property
[2] mailto:cdcbaa@yahoogroups.com?subjectshort sale on a
surrenderred property
[3]
The post was migrated from Yahoo.
Hello Members,
debtor surrenderred a rental property in a Chap 13, bank is lax and did not file a MFR, debtor still in possession of propety, a real estate agent has a buyer and has the mortgage company approval, (weird, no MFR but approves a short sale), property is still BK estate, Motion to sell is an expense to debtor but Real estate agent would pay for it, no benefit to debtor for sale, and a possible tax liability,
query: did anyone do a motion to sell for a surrenderred property, or sale of a rental property during BK without proceeds to the BK estate, any response is appreciated
my deduction is to do nothing, leave property as stated (surrenderred), and keep insurance on property until relief is granted and property is auctioned- am I missing something??
thank you
axel
Hello Members,
debtor surrenderred a rental property in a Chap 13, bank is lax and did not file a MFR, debtor still in possession of propety, a real estate agent has a buyer and has the mortgage company approval, (weird, no MFR but approves a short sale), property is still BK estate, Motion to sell is an expense to debtor but Real estate agent would pay for it, no benefit to debtor for sale, and a possible tax liability,
query: did anyone do a motion to sell for a surrenderred property, or sale of a rental property during BK without proceeds to the BK estate, any response is appreciated
my deduction is to do nothing, leave property as stated (surrenderred), and keep insurance on property until relief is granted and property is auctioned- am I missing something??
thank you
axel
The post was migrated from Yahoo.