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Pending Short-Sale: when should Ch 7 be filed?
Before you go further, remember that until the 9th Circuit or USSC rules otherwise, the secured obligations count against the Means Test. So, if your client (or PC) is on the fence to pass or fail the Means Test, think twice. If you file after the short sale you will lose those payments and your client (or PC) may be facing a Chapter 13 without ability to save home, and you may not be able to file the case, because the estate has a claim against you for errors and omissions, and you have a conflict. If they come to you after the short sale and advise that they received no caution or disclosures to seek bankruptcy counsel, your client (or PC) may have a claim against the broker for errors and omissions. Beware!!
Lou Esbin
>
> After everyone chimed in, I agree completely, let the short sale go through if that is what the client wants.
>
> --- In cdcbaa@yahoogroups.com, "sofiya" wrote:
> >
> > Hello everyone:
> >
> > PC has a property in Nevada that is currently in short-sale. PC anticipates closing escrow by the end of August. Question: should the client file ch 7 bk before the sale is finalized or after?
> >
> > Any advice is greatly appreciated!
> >
> > Sofya Davtyan, Esq.
> >
>
The post was migrated from Yahoo.
After everyone chimed in, I agree completely, let the short sale go through if that is what the client wants.
>
> Hello everyone:
>
> PC has a property in Nevada that is currently in short-sale. PC anticipates closing escrow by the end of August. Question: should the client file ch 7 bk before the sale is finalized or after?
>
> Any advice is greatly appreciated!
>
> Sofya Davtyan, Esq.
>
The post was migrated from Yahoo.
Bankruptcy will gum up the works. We used to say to that short sale is only
good if seller's cousin is getting the commission, but now Fannie Mae and
Freddie Mac have rules that make getting a later home loan easier if the
borrower does a short sale vs. a foreclosure.
Unless there is a need to rush to the bk courthouse, you should let the sale
be completed.
If you have any questions or concerns, please contact me.
Pat
Patrick T. Green, Esq.
Fitzgerald & Green
Attorneys at Law
1010 E. Union Street
Suite 206
Pasadena, CA 91106
Tel: 626-449-8433
Fax: 626-449-0565
pat@fitzgreenlaw.com
The post was migrated from Yahoo.
If possible, PC should file AFTER the short-sale --- of course, make sure
that you're not putting the PC in a worse tax situation than he would be in
by just letting the property go in bankruptcy.
On Tue, Aug 3, 2010 at 5:21 PM, sofiya wrote:
>
>
> Hello everyone:
>
> PC has a property in Nevada that is currently in short-sale. PC anticipates
> closing escrow by the end of August. Question: should the client file ch 7
> bk before the sale is finalized or after?
>
> Any advice is greatly appreciated!
>
> Sofya Davtyan, Esq.
>
>
>
Giovanni Orantes, Esq.
Orantes Law Firm, P.C.
3435 Wilshire Blvd. Suite 1980
Los Angeles, CA 90010
Tel: (213) 389-4362
Phone: (888) 619-8222 x101
Fax: (877) 789-5776
e-mail: go@gobklaw.com
website: www.gobklaw.com
WE 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.
If possible, PC should file AFTER the short-sale --- of course, make sure that you're not putting the PC in a worse tax situation than he would be in by just letting the property go in bankruptcy.
On Tue, Aug 3, 2010 at 5:21 PM, sofiya <s_dav2005@yahoo.com> wrote:
Hello everyone:
PC has a property in Nevada that is currently in short-sale. PC anticipates closing escrow by the end of August. Question: should the client file ch 7 bk before the sale is finalized or after?
Any advice is greatly appreciated!
Sofya Davtyan, Esq.
-- Giovanni Orantes, Esq. Orantes Law Firm, P.C.3435 Wilshire Blvd. Suite 1980Los Angeles, CA 90010Tel: (213) 389-4362Phone: (888) 619-8222 x101Fax: (877) 789-5776
e-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 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.
The post was migrated from Yahoo.
If the short sales is a must, then wait until the short sales is done because
bank may not waived deficiency...then you would include it in your bk. This is
one way if PC can wait.
Paul Horn, ESQ., CPA
Attorney at Law
Certified Public Accountant
1045 E. Valley Blvd., Suite A215
San Gabriel, CA 91770
626-695-7310
877-872-9997--fax
www.paulhornlawfirm.com
________________________________
To: cdcbaa@yahoogroups.com
Sent: Tue, August 3, 2010 5:21:37 PM
Subject: [cdcbaa] Pending Short-Sale: when should Ch 7 be filed?
Hello everyone:
PC has a property in Nevada that is currently in short-sale. PC anticipatesclosing escrow by the end of August. Question: should the client file ch 7 bk
before the sale is finalized or after?
Any advice is greatly appreciated!
Sofya Davtyan, Esq.
If the short sales is a must, then wait until the short sales is done because bank may not waived deficiency...then you would include it in your bk. This is one way if PC can wait. Paul Horn, ESQ., CPA Attorney at LawCertified Public Accountant1045 E. Valley Blvd., Suite A215San Gabriel, CA 91770626-695-7310877-872-9997--fax www.paulhornlawfirm.comFrom: sofiya <s_dav2005@yahoo.com>To: cdcbaa@yahoogroups.comSent: Tue, August 3, 2010 5:21:37 PMSubject: [cdcbaa] Pending Short-Sale: when should Ch 7 be filed?
Hello everyone:
PC has a property in Nevada that is currently in short-sale. PC anticipates closing escrow by the end of August. Question: should the client file ch 7 bk before the sale is finalized or after?
Any advice is greatly appreciated!
Sofya Davtyan, Esq.
The post was migrated from Yahoo.
Hello everyone:
PC has a property in Nevada that is currently in short-sale. PC anticipates closing escrow by the end of August. Question: should the client file ch 7 bk before the sale is finalized or after?
Any advice is greatly appreciated!
Sofya Davtyan, Esq.
The post was migrated from Yahoo.