Sounds like he is out of his depth on the definition of fraud too! Peopleborrow money as trustee's of revocable living trusts all the time.
Usually lenders are too lazy to allow them to borrow through the trust (they
don't want to pay a lawyer to review the trust documents) and require theborrowers to reconvey the property back to themselves prior to lending. Then
the borrower is supposed to convey again to themselves as trustee of theirrevocable living trust.
Mark T. Jessee
Law Offices of Mark T. Jessee
"A Debt Relief Agency"
50 W. Hillcrest Drive, Suite 200
Thousand Oaks, CA 91360
(805) 497-5868 (805) 497-5864 (Facsimile)
In a message dated 8/7/2013 12:43:17 P.M. Pacific Daylight Time,
havkinlaw@earthlink.net writes:
Thank you. I knew this but he is now claiming bank fraud in taking out theloan in the name if the trust. Good luck in suing my 80 year old debtor.
Sent from my Stella Havkin's IPhone
On Aug 7, 2013, at 8:24 PM,
_jesseelaw@aol.com_ (mailto:
jesseelaw@aol.com) wrote:
Stella:
I presume this is a revocable living trust in CA. If so the creditorrepresentative is clearly out of his/her depth! There is no difference
between an individual debtor and the debtors revocable living trust as to
creditors during the debtors lifetime pursuant to CA Probate Code 18200. CA
Probate Code 18201 makes clear that all of a debtors assets held in a
revocable living trust are eligible for the same exemptions. A debtorrevocable living trust is for the benefit of the debtor during the debtorlifetime, so that property interest is always an asset of the bankruptcy
estate under Section 341(a).
Mark T. Jessee
Law Offices of Mark T. Jessee
"A Debt Relief Agency"
50 W. Hillcrest Drive, Suite 200
Thousand Oaks, CA 91360
(805) 497-5868 (805) 497-5864 (Facsimile)
In a message dated 8/7/2013 11:59:03 A.M. Pacific Daylight Time,
_havkinlaw@earthlink.net_ (mailto:
havkinlaw@earthlink.net) writes:
I am out if town. I need help quickly. A very aggressive creditor. My
debtors hold property in a living trust. The creditor is claiming that Ihave to file a petition for the living trust not just the debtors. I need
law on the fact that the property is property of the Bk estate and any
action taken against the property would be in violation of the automatic stay.
Sent from my Stella Havkin's IPhone
On Aug 7, 2013, at 6:42 PM, cdcbaa wrote:
Sylvia:
The only codebtor stay are in chapters 12 & 13. Foreclosure against
nondebtor would not be stayed in a 7 or an 11, only in 13, and only if codebtor
stay applies.
(a) Except as provided in subsections (b) and (c) of this section, after
the order for relief under this chapter, a creditor may not act, or commence
or continue any civil action, to collect all or any part of a consumer
debt of the debtor from any individual that is liable on such debt with the
debtor, or that secured such debt, unless
(1) such individual became liable on or secured such debt in the ordinarycourse of such individual's business; or
(2) the case is closed, dismissed, or converted to a case under chapter 7or 11 of this title.
(a) Except as provided in subsections (b) and (c) of this section, after
the order for relief under this chapter, a creditor may not act, or commence
or continue any civil action, to collect all or any part of a consumer
debt of the debtor from any individual that is liable on such debt with the
debtor, or that secured such debt, unless
(1) such individual became liable on or secured such debt in the ordinarycourse of such individual's business; or
(2) the case is closed, dismissed, or converted to a case under chapter 7of this title.
Since in the 9th Cir. a residential mortgage is a consumer debt, I would
opine the codebtor stay applies.
note, codebtor has no hyphen.
d
Dennis McGoldrick, 350 S. Crenshaw Bl., #A207B, Torrance, Ca 90503
310-328-1001-voice
On Aug 1, 2013, at 1:59 PM, "sbombalier" wrote:
Hello Listserv members:
I need to get your opinion on this. My client is on a mortgage loan, but
title is solely in her parents' names. A foreclosure sale is pending for
early next month.
I read the notice of sale and it refers to the note, having been executedby my client, as the basis for the sale. If my client files for BK, wouldthe filing stay the sale, eventhough she's not on title?
Any input is greatly appreciated, as always.
Silvia
Sounds like he is out of his depth on the definition of fraud too!
People borrow money as trustee's of revocable living trusts all the
time. Usually lenders are too lazy to allow them to borrow through the
trust (they don't want to pay a lawyer to review the trust documents) and
require the borrowers to reconvey the property back to themselves prior tolending. Then the borrower is supposed to convey again to themselves as
trustee of their revocable living trust.
Mark T.
JesseeLaw Offices of Mark T. Jessee"A Debt Relief Agency"50 W.Hillcrest Drive, Suite 200Thousand Oaks, CA 91360(805) 497-5868 (805)
497-5864 (Facsimile)
In a message dated 8/7/2013 12:43:17 P.M. Pacific Daylight Time,
havkinlaw@earthlink.net writes:
Thank you. I knew this but he is now claiming bank fraud in taking out
the loan in the name if the trust. Good luck in suing my 80 year old
debtor.Sent from my Stella Havkin's IPhone
On Aug 7, 2013, at 8:24 PM,
jesseelaw@aol.com wrote:
Stella:
I presume this is a revocable living trust in CA. If so the creditors representative is clearly out of his/her depth! There is no
difference between an individual debtor and the debtors revocable living
trust as to creditors during the debtors lifetime pursuant to CA Probate
Code 18200. CA Probate Code 18201 makes clear that all of a debtors
assets held in a revocable living trust are eligible for the same
exemptions. A debtors revocable living trust is for the
benefit of the debtor during the debtors lifetime, so that property
interest is always an asset of the bankruptcy estate under Section
341(a).
The post was migrated from Yahoo.