.jpg)
Balloon payment in Ch 13 plan for a lien on home from commercial loan
Here is my rookie point of view.
I agree with Dennis that Till would force your interest rate into the 4.25 to 6.25% range (prime+1 to 3%). I think the rate in Chapter 11 would be even worse (see http://www.cacb.uscourts.gov/cacb/Publi ... pinions/24
The post was migrated from Yahoo.
Client owns a home worth ~750k in a very desirable neighborhood. First mortgage is only 250k. There is a "second" deed of trust from a guarantee for a commercial loan for $500k, which is not a debt secured by home only. ote to a third party who is foreclosing on the home. Since the 2nd TD is not a debt secured by home only, can I propose a plan modifying the 2td for 500k to be paid interest only for 59 payments at the prime interest rate and toward the end of the plan with a balloon note for the entire balance? to file CH 11 if he really wants to keep the home?
Client owns a home worth ~750k in a very desirable neighborhood. First mortgage is only 250k. There is a "second" deed of trust from a guarantee for a commercial loan for $500k, which is not a debt secured by home only. Client wants to keep the home. The 2td bank had sold the defaulted note to a third party who is foreclosing on the home. Since the 2nd TD is not a debt secured by home only, can I propose a plan modifying the 2td for 500k to be paid interest only for 59 payments at the prime interest rate and toward the end of the plan with a balloon note for the entire balance? Would the LA trustees go for this? Should I instead persuade the client to file CH 11 if he really wants to keep the home?
The post was migrated from Yahoo.