.jpg)
Bank of America forgiving 2nds
My client, upon calling BoA about this letter, was told that BoA would in fact release the lien in about 90 days or less,
I guess no harm done in waiting 90 days;Q. is the letter from the bank sufficient that the debt has been satisfied after the lien has been released and Ch13 Trustee
will exclude the debt from Class 5.
________________________________
To: cdcbaa@yahoogroups.com
Sent: Thursday, October 11, 2012 10:45 AM
Subject: Re: [cdcbaa] Don't be fooled: Bank of America forgiving 2nds
Dennis,
I agree with you that it is best to assume that the Bank is not giving up its lien. However, since they are reporting to the IRS, and receiving some tax benefits on the "forgiveness", I wonder if an argument can be fashioned that they are thereafter estopped from asserting their lien rights
LAW OFFICE OF KENNETH JAY SCHWARTZ
21031 Ventura Boulevard, Suite 640
Woodland Hills, California 91364-2226
Telephone: (818) 226-1205
Facsimile : (818) 226-1213
THE INFORMATION CONTAINED IN THIS E-MAIL IS INTENDED ONLY FOR THE PERSONAL AND CONFIDENTIAL USE OF THE DESIGNATED RECIPIENT(S) NAMED ABOVE. THIS MESSAGE MAY BE AN ATTORNEY-CLIENT COMMUNICATION, AND, AS SUCH, IS PRIVILEGED AND CONFIDENTIAL. IF THE READER OF THIS MESSAGE IS NOT THE INTENDED RECIPIENT OR AN AGENT RESPONSIBLE FOR DELIVERING IT TO THE DESIGNATED RECIPIENT, YOU ARE HEREBY NOTIFIED THAT YOU HAVE RECEIVED THIS E-MAIL IN ERROR, AND THAT ANY REVIEW, DISSEMINATION, DISTRIBUTION OR COPYING OF THIS MESSAGE IS STRICTLY PROHIBITED. IF YOU HAVE RECEIVED THIS COMMUNICATION IN ERROR, PLEASE NOTIFY US IMMEDIATELY. THANK YOU.
________________________________
To: cdcbaa@yahoogroups.com
Sent: Thu, October 11, 2012 8:30:22 AM
Subject: Re: [cdcbaa] Don't be fooled: Bank of America forgiving 2nds
The question is, are these letters the equivalent of a charge off, i.e. an accounting tactic, or are they true cancellations? I am trying to get professor Porter from Irvine, to opine regarding the effect of these letters and where they fit in the settlements, but she has not yet replied.
Until there is a final appellate decision take the safe position and continue to lien strip.
2nds are very dangerous. Unless there is an affirmative accelleration, the statute of limits only runs on payments that come due. The entire obligation is not due for 30 years, so, if you don't strip and these letters are later ruled accounting gimics, like a charge off, you client will get sued in ten years, after the market comes back. And, of course, you will be a malpractice target.
D
axel richter wrote:
>1. Your clients got a letter not a contract or lien release, lien still exists!
>2, Those of you you got a Stip Or LAM need a proof of claim of $0.00 or trustee will pay when $ becomes available for unsecured,
>3. Get a lien release from the bank based on the letter of forgivenes and when lien is released forward to trustee, so no $ to unsecured second,
>4. Good luck
>
>
>________________________________
>To: "cdcbaa@yahoogroups.com"
>Cc: "cdcbaa@yahoogroups.com"
>Sent: Monday, October 8, 2012 12:46 PM
>Subject: Re: [cdcbaa] Bank of America forgiving 2nds
>
>
>
>To discharge it? People don't actually like paying the 2nds if they don't need to. I'm intrigued by your comment though. Explain.
>
>Sent from my iPad
>
>On Oct 6, 2012, at 5:11 PM, "PHiLiP E. KOeBeL, Esq." wrote:
>
>
>
>>
>>Indeed. why ever do a lien-strip on a 2nd?
>>
>>
1. Your clients got a letter not a contract or lien release, lien still exists!
2, Those of you you got a Stip Or LAM need a proof of claim of $0.00 or trustee will pay when $ becomes available for unsecured,
3. Get a lien release from the bank based on the letter of forgivenes and when lien is released forward to trustee, so no $ to unsecured second,
4. Good luck
________________________________
To: "cdcbaa@yahoogroups.com"
Cc: "cdcbaa@yahoogroups.com"
Sent: Monday, October 8, 2012 12:46 PM
Subject: Re: [cdcbaa] Bank of America forgiving 2nds
To discharge it? People don't actually like paying the 2nds if they don't need to. I'm intrigued by your comment though. Explain.
Sent from my iPad
On Oct 6, 2012, at 5:11 PM, "PHiLiP E. KOeBeL, Esq." wrote:
>
>Indeed. why ever do a lien-strip on a 2nd?
>
>
The post was migrated from Yahoo.
1. Your clients got a letter not a contract or lien release, lien still exists!
2, Those of you you got a Stip Or LAM need a proof of claim of $0.00 or trustee will pay when $ becomes available for unsecured,
3. Get a lien release from the bank based on the letter of forgivenes and when lien is released forward to trustee, so no $ to unsecured second,
4. Good luck
________________________________
To: "cdcbaa@yahoogroups.com"
Cc: "cdcbaa@yahoogroups.com"
Sent: Monday, October 8, 2012 12:46 PM
Subject: Re: [cdcbaa] Bank of America forgiving 2nds
To discharge it? People don't actually like paying the 2nds if they don't need to. I'm intrigued by your comment though. Explain.
Sent from my iPad
On Oct 6, 2012, at 5:11 PM, "PHiLiP E. KOeBeL, Esq." wrote:
>
>Indeed. why ever do a lien-strip on a 2nd?
>
>
The post was migrated from Yahoo.
I'd think about doing the lien strip to get the lien off the title. I have
had a client bring in one of these letters, too.
It says the forgiveness is automatic if client does nothing.
It warns of COD tax income.
But says nothing about them releasing the lien with the county recorder.
If this is merely a 'discharge' of personal indebtedness, they may still
have a lien on the property. It puts us in the same situation as the age old
Chapter 20 question.
Sent from my Verizon Wireless Droid
To: "cdcbaa@yahoogroups.com"
Cc: "cdcbaa@yahoogroups.com"
Sent: Mon, Oct 8, 2012 17:47:21 GMT+00:00
Subject: Re: [cdcbaa] Bank of America forgiving 2nds
To discharge it? People don't actually like paying the 2nds if they don't
need to. I'm intrigued by your comment though. Explain.
Sent from my iPad
On Oct 6, 2012, at 5:11 PM, "PHiLiP E. KOeBeL, Esq."
wrote:
>
> Indeed. why ever do a lien-strip on a 2nd?
>
The post was migrated from Yahoo.
charset-ascii
To discharge it? People don't actually like paying the 2nds if they don't need to. I'm intrigued by your comment though. Explain.
Sent from my iPad
On Oct 6, 2012, at 5:11 PM, "PHiLiP E. KOeBeL, Esq." wrote:
>
> Indeed. why ever do a lien-strip on a 2nd?
>
To discharge it? People don't actually like paying the 2nds if they don't need to. I'm intrigued by your comment though. Explain.Sent from my iPadOn Oct 6, 2012, at 5:11 PM, "PHiLiP E. KOeBeL, Esq." <lawofpek@gmail.com> wrote:
Indeed. why ever do a lien-strip on a 2nd?
The post was migrated from Yahoo.
I've had 5 clients receive such letters: four from BofA and one from Chase. All were many months past due.
James R. Selth
Sent from my Verizon Wireless 4G LTE DROID
Hale Andrew Antico wrote:
Just yesterday, I got a number of calls from clients who got letters from Bank of America with an offer to forgive and/or extinguish 2nd deeds of trust. This has gone from a trickle, and seems to be a thing. Do I still need the bankruptcy? Why am I doing a lien-strip if the 2nd is forgiven? Be prepared for a new wrinkle in your smooth practice.
Hale
I've had 5 clients receive such letters: four from BofA and one from Chase. All were many months past due.
James R. Selth
Sent from my Verizon Wireless 4G LTE DROID
Hale Andrew Antico <bk.lawyer@gmail.com> wrote:
Just yesterday, I got a number of calls from clients who got letters from Bank of America with an offer to forgive and/or extinguish 2nd deeds of trust. This has gone from a trickle, and seems
to be a thing. Do I still need the bankruptcy? Why am I doing a lien-strip if the 2nd is forgiven? Be prepared for a new wrinkle in your smooth practice.
Hale
The post was migrated from Yahoo.
Indeed. why ever do a lien-strip on a 2nd?
On Sat, Oct 6, 2012 at 11:02 AM, Hale Andrew Antico wrote:
> **
>
>
> **
> Just yesterday, I got a number of calls from clients who got letters from
> Bank of America with an offer to forgive and/or extinguish 2nd deeds of
> trust. This has gone from a trickle, and seems to be a thing. Do I still
> need the bankruptcy? Why am I doing a lien-strip if the 2nd is forgiven? Be
> prepared for a new wrinkle in your smooth practice.
>
> Hale
>
>
>
Indeed. why ever do a lien-strip on a 2nd?<bk.lawyer@gmail.com> wrote:
Just yesterday, I
got a number of calls from clients who got letters from Bank of America with an
offer to forgive and/or extinguish 2nd deeds of trust. This has gone from atrickle, and seems to be a thing. Do I still need the bankruptcy? Why am I doing
a lien-strip if the 2nd is forgiven? Be prepared for a new wrinkle in yoursmooth practice.
Hale
The post was migrated from Yahoo.
Just yesterday, I got a number of calls from clients who got letters from
Bank of America with an offer to forgive and/or extinguish 2nd deeds of
trust. This has gone from a trickle, and seems to be a thing. Do I still
need the bankruptcy? Why am I doing a lien-strip if the 2nd is forgiven? Be
prepared for a new wrinkle in your smooth practice.
Hale
Just yesterday, I
got a number of calls from clients who got letters from Bank of America with an
offer to forgive and/or extinguish 2nd deeds of trust. This has gone from atrickle, and seems to be a thing. Do I still need the bankruptcy? Why am I doing
a lien-strip if the 2nd is forgiven? Be prepared for a new wrinkle in yoursmooth practice.
Hale
The post was migrated from Yahoo.