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Which mortgage payment to use? and Vehicle Insurance
Counsel:
On the insurance issue
The most expensive component, the minimum liability portion is required by
law and not discretionary, included or an add on
you own the vehicle, you operate it, you insure it,
you also- feed it and maintain it, how about fuel cost surcharges? At $3.50
a gallon fuel costs are .23 at 15 miles to the gallon - stop and go in a
fairly efficient vehicle-
CREIGHTON A. STEPHENS
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Henry M. Toles
Sent: Friday, February 22, 2008 7:05 PM
To: cdcbaa@yahoogroups.com
Subject: RE: [cdcbaa] Which mortgage payment to use? and Vehicle Insurance
expense
Mark:
1. I have used the full contract amount using your reasoning. It was not
challenged in Santa Ana on a multiple property case. I also used the full
contract amount on the budget. If it were challenged, it would be
interesting and I look forward to what others are doing. It would be a good
question for tomorrow's real estate seminar.
2. I do not use insurance. It is a non amortized unsecured expense and I
do not consider it applicable for line 43. That is only my opinion however
and is what I do.
Hank
Henry M. Toles, J.D., M.B.A.
Henry M. Toles, A Law Corporation
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-----Original Message-----
Behalf Of Mark JM
Sent: Friday, February 22, 2008 16:51
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Which mortgage payment to use? and Vehicle
Insurance expense
Two separate and somewhat unrelated questions:
1. Debtors own real property on which they are paying a very
minimal amount due to a negative amortization deal with the 1st Mortgage
Holder. If I use this amount in their budget (and on means test) they do
not qualify for Chapter 7. However, if I use the FULL amount (principal
and interest), they would qualify. Apparently the lender offers them like
4 different choices to pay: neg. am, interest only, and two others (I
forget). Anyway, my question is if we list the "full" amount due (which
arguably is the contractually due amount), will that be Kosher even if they
continue to make the lower monthly payment?
This is not the same situation as the debtors who use the
mortgage expense on property being foreclosed on (just to anticipate the
comments).
2. When putting in the 60 month amounts due on vehicle payments,
are you all including insurance in that figure? If so, what do you do in
the situation where the debtor has 2 vehicles on the same insurance policy
(thus, one payment), but only one vehicle is financed (the other is free and
clear)?
And that's how I'm starting the weekend!
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Mark J. Markus
Law Office of Mark J. Markus
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Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
web: http://www.bklaw.com/
This Firm is a Qualified Federal Debt Relief Agency
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