is this mortgage deficiency part of 109(e) debt
Posted: Fri Jun 02, 2017 5:58 pm
I thought there was a one-action rule or something. How can a bank
cancel a debt, then collect on it?
On 6/2/2017 5:49 PM, David Tilem DavidTilem@TilemLaw.com [cdcbaa] wrote:
>
>
> Why would those debts be included if they are not owed because of
> the anti-deficiency statute?
>
> The tax treatment is not relevant to this question. Issuing a
> 1099 does not preclude the creditor from pursuing collection at
> some later point in time.
>
> *David A. Tilem*
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> *From:* cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com]
> *Sent:* Friday, June 02, 2017 5:47 PM
> *To:* cdcbaa@yahoogroups.com
> *Subject:* [cdcbaa] is this mortgage deficiency part of 109(e)
> debt calculation?
>
> Debtor owned a property in Arizona with a 1st and 2nd mortgage
> that was foreclosed on.
>
> Arizona has an anti-deficiency statute for purchase money
> mortgages like California.
>
> Both the 1st and 2nd mortgage holder issued 1099s for cancellation
> of debt on the deficiency amounts and, therefore, I believe they
> cannot pursue the debtor for the deficiency (I might be wrong
> about that).
>
> Does anyone think that the above deficiency amounts would NOT be
> included in the unsecured debt limit calculations for Ch. 13 under
> 109(e)?
>
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Mark J. Markus
Law Office of Mark J. Markus
_*Mailing Address Only:*_
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)332-1180 (fax)
web: http://www.bklaw.com/
Certified Bankruptcy Law Specialist--The State Bar of California
Board of Legal Specialization
This Firm is a Qualified Federal Debt Relief Agency
________________________________________________
NOTICE: This Electronic Message contains information from the law
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The post was migrated from Yahoo.