Chapter 7 Trustees Short Selling Houses?
Posted: Tue Feb 26, 2013 7:33 pm
Erik,
Let me preface my comments by saying that each trustee looks for different situations. That is some trustees will not short sell a debtor(s) primary residence. Others will not short sale properties where the Debtor(s) are attempting a loan modification.
In my experience banks are encouraging short sales where there is only one loan on the property and the borrower is delinquent. I have not seen that the Debtor(s) intention has come into consideration.
Larry
________________________________
criptions [eclark@blclaw.com]
Sent: Tuesday, February 26, 2013 5:20 PM
To: cdcbaa@yahoogroups.com; blc subscriptions
Subject: RE: [cdcbaa] Chapter 7 Trustees Short Selling Houses?
Larry can you elaborate on what the certain situations are? Are there certain fact patterns they are looking for? Is it the underwater and surrendering? Of just underwater?
M. Erik Clark
[Description: BCLogo]
100 N. Barranca Avenue, Suite 250
West Covina, CA 91791
www.BLClaw.com
Office: (626) 332-8600
Fax: (626) 332-8644
Board Certified in Consumer Bankruptcy
American Board of Certification
arry Simons
Sent: Tuesday, February 26, 2013 3:10 PM
To: blc subscriptions
Subject: RE: [cdcbaa] Chapter 7 Trustees Short Selling Houses?
It is happening..in Riverside. I can advise that lenders are approaching trustees about effectuating short sales in certain situations.
esiree Causey
Sent: Tuesday, February 26, 2013 2:54 PM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Chapter 7 Trustees Short Selling Houses?
I have heard stories here and there of Chapter 7 trustees taking houses that are under water, making arrangements with realtors and short selling the property and carving out some money for the unsecureds. My question is: Is this really happening, and if so where and by whom? Or is this a Bankruptcy Urban Legend?
Desiree Causey, Esq.
Law Office of Desiree Causey
17011 Beach Blvd., Suite 900
Huntington Beach, CA 92647
714-375-6663
714-908-7646 (fax)
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Erik,
Let me preface my comments by saying that each trustee looks for different situations. That is some trustees will not short sell a debtor(s) primary residence. Others will not short sale properties where the Debtor(s) are attempting a loan modification.
In my experience banks are encouraging short sales where there is only one loan on the property and the borrower is delinquent. I have not seen that the Debtor(s) intention has come into consideration.
Larry
From: cdcbaa@yahoogroups.com [cdcbaa@yahoogroups.com] on behalf of blc subscriptions [eclark@blclaw.com]
Sent: Tuesday, February 26, 2013 5:20 PM
To: cdcbaa@yahoogroups.com; blc subscriptions
Subject: RE: [cdcbaa] Chapter 7 Trustees Short Selling Houses?
Larry can you elaborate on what the certain situations are? Are there certain fact patterns they are looking for? Is it the underwater and surrendering? Of just underwater?
M. Erik Clark
100 N. Barranca Avenue, Suite 250
West Covina, CA 91791
www.BLClaw.com
Office: (626) 332-8600
Fax: (626) 332-8644
Board Certified in Consumer Bankruptcy
American Board of Certification
From: cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com]
On Behalf Of Larry Simons
Sent: Tuesday, February 26, 2013 3:10 PM
To: blc subscriptions
Subject: RE: [cdcbaa] Chapter 7 Trustees Short Selling Houses?
It is happening..in Riverside. I can advise that lenders are approaching trustees about effectuating short sales in certain situations.
< div>
From: cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com]
On Behalf Of Desiree Causey
Sent: Tuesday, February 26, 2013 2:54 PM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Chapter 7 Trustees Short Selling Houses?
I have heard stories here and there of Chapter 7 trustees taking houses that are under water, making arrangements with realtors and short selling the property and carving out some money for the unsecureds. My question is: Is this really
happening, and if so where and by whom? Or is this a Bankruptcy Urban Legend?
Desiree Causey, Esq.
Law Office of Desiree Causey
17011 Beach Blvd., Suite 900
Huntington Beach, CA 92647
714-375-6663
714-908-7646 (fax)
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