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Newbie Question: Cramdown of Real Property in Chapter
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Sounds like client is over the Chapter 13 debt limits.
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.
Hale Andrew Antico
Sent: Wednesday, February 03, 2010 3:48 PM
To: cdcbaa@yahoogroups.com
Subject: RE: [cdcbaa] Newbie Question: Cramdown of Real Property in Chapter
13 and 11
If debtor moves out of residence into one of her rental homes and then does
a 13 to strip 2nd and cram 1st on former residence, is there an amt of time
debtor must be out of former residence for the 1st to be crammed?
First must then be paid in full during plan term. Question, then: who
determines new mortgage amounts, interest rates, etc?
_____
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Dennis: KL is considering closing cases notwithstanding long term payouts if
that is the only remaining obligation under the C11 plan. USTE did NOT
oppose the debtor's motion on the basis that they want the fees. Instead,
they argued (as did I) that all other obligations need to be paid. Judge
agreed and denied the motion. I think Judges are sympathetic to avoiding
quarterly fees for 30 years.
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.
Dennis McGoldrick
Sent: Monday, February 01, 2010 9:13 PM
To: cdcbaa@yahoogroups.com
Subject: Re: [cdcbaa] Newbie Question: Cramdown of Real Property in Chapter
13 and 11
Ch 11 is tricky. The longer the plan, the longer the debtor is paying
quarterly fees, and staying in bk. Maybe ammortize the loan over 30 years
and make it due in 5.
Both 13 and 11 have the same residence restrictions on modifications.
Dennis McGoldrick
350 S. Crenshaw Bl., #A207B
Torrance, CA 90503
On Jan 31, 2010, at 9:03 PM, "cameron_totten" wrote:
I continually have potential clients who want to cramdown/stripdown their
first mortgage on either their residential property or rental property. It
is my understanding that you cannot do that in either case unless you pay
off the entire secured portion (market value) during the life of the plan
which in a 13 is either 3 or 5 years? Is that correct? If so, how does
anyone ever cramdown or modify real property mortgages?
Also, because there is no 3 or 5 year limitation in a Chapter 11, can you
(practically speaking) have a 20 or 25 year plan that will actually get
confirmed which would allow for the secured portion to be paid in the plan
(with reasonable plan payments)? Thanks.
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Message
Dennis: KL is considering
closing cases notwithstanding long term payouts if that is the only remaining
obligation under the C11 plan. USTE did NOT oppose the debtor's motion on
the basis that they want the fees. Instead, they argued (as did I) that allother obligations need to be paid. Judge agreed and denied the
motion. I think Judges are sympathetic to avoiding quarterly fees for 30
years.
David A.
Tilem
Certified Bankruptcy
Specialist*
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