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Cram Down (sic) Question
This is a strip down, not a cram down. If you rewrite the note to a 5 year note, and it is paid through the plan, that is proper. There are no arrears on the rewritten note.
Sent from my iPhone
On Jul 28, 2010, at 3:31 PM, John Boyko wrote:
A PC wants to file a CH13. She has an income property in addition to her primary residence. She is current on her primary, but behind on the income property to the extent of about 24k. She hsa sufficient DPI to afford to cram the value of the income property down to its present value and pay it off in 5 years. Question is does the 13 plan have to provide for the payment of the arrearages seperately, or do they get absorbed in the cram down?
John Boyko
LAW OFFICES OF JOHN M. BOYKO
3521 Lomita Blvd., Suite 100
Torrance, CA 90505
310-750-6789 (Office)
310-300-0263 (Fax)
This is a strip down, not a cram down. If you rewrite the note to a 5 year note, and it is paid through the plan, that is proper. There are no arrears on the rewritten note. Sent from my iPhoneOn Jul 28, 2010, at 3:31 PM, John Boyko <jboyko@gmail.com> wrote:
A PC wants to file a CH13. She has an income property in addition to her primary residence. She is current on her primary, but behind on the income property to the extent of about 24k. She hsa sufficient DPI to afford to cram the value of the income property down to its present value and pay it off in 5 years. Question is does the 13 plan have to provide for the payment of the arrearages seperately, or do they get absorbed in the cram down?
-- John BoykoLAW OFFICES OF JOHN M. BOYKO3521 Lomita Blvd., Suite 100Torrance, CA 90505310-750-6789 (Office)310-300-0263 (Fax)
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