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Option Arm Mortgages
I, too, take fully-amortizing payments in the means test and advise the
clients to, in fact, make fully-amortizing payments going forward.
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Giovanni Orantes, Esq.
Orantes Law Firm, P.C.
3435 Wilshire Blvd. Suite 1980
Los Angeles, CA 90010
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e-mail: go@gobklaw.com
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I, too, take fully-amortizing payments in the means test and advise the clients to, in fact, make fully-amortizing payments going forward.
-- Giovanni Orantes, Esq. Orantes Law Firm, P.C.3435 Wilshire Blvd. Suite 1980Los Angeles, CA 90010Tel: (213) 389-4362
Phone: (888) 619-8222 x101Fax: (877) 789-5776e-mail: go@gobklaw.comwebsite: www.gobklaw.comWE ARE A "DEBT RELIEF AGENCY" AS DEFINED BY FEDERAL LAW.
SERVING BAKERSFIELD, LOS ANGELES, ORANGE COUNTY, RIVERSIDE, SAN BERNARDINO AND SANTA BARBARA.Note: The information contained in this e-mail message is confidential information intended only for the use of the individual or entity named. If the reader of this message is not the intended recipient or an agent responsible for delivering it to the intended recipient, you are hereby notified that any dissemination, distribution or copy of this communication is strictly prohibited. If you have received this communication in error, please immediately notify us by telephone or e-mail and delete the original e-mail at (213) 389-4362 or (888) 619-8222.
IRS Circular 230 Disclosure: In order to comply with requirements imposed by the Internal Revenue Service, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.
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Erik, have you ever had the issue raised by the US Trustee in a Chapter 7 case?
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We always use the 30 year fully amortorized option
M. Erik Clark
100 N. Barranca Avenue, Suite 250
West Covina, CA 91791
www.blclaw.com
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Fax: (626) 332-8644
Board Certified in Consumer Bankruptcy
American Board of Certification
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What are members of this group doing with respect to clients that have
"option ARM mortgages" in the means test? Clients with this type of
mortgage have a choice, usually 1, 2, 3 or 4 for payments. The 1st
option is the lowest payment which is a negative amortization, the 2nd
option is interest only, the third option is like a 30 year mortgage,
and the last one is the "accelerated" option that makes it like a 15
year mortgage.
Of course most clients considering bankruptcy use Option 1. However, do
you put that amount as their payment, or can you use the 3rd option that
makes it more like normal people would choose and have always chosen
back when the housing market was sane?
I use the Option 3 because I am an advocate for my client and I believe
the choice is theirs as to what the "contractually due" amount is, even
though they have four options. Eventually the negative amortization and
interest only options will disappear.
The only run in with the UST I had on a case where I could have
litigated they went all "totality of the circumstances" (707(b)(3) on me
and didn't move for dismissal under 707(b)(2). I know of no published
decisions on this issue and there were none when I had the case to which
I refer.
So again, what to do with option ARM mortgages in the means test?
Steve
Law Offices of Steven B. Lever
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> Steven B. Lever
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