Central District Consumer Bankruptcy Attorney's Association

Principal residence
Wholly unsecured 2nd DOT.
The issue is the amount due on the 2nd DOT.
On Thu, Apr 25, 2013 at 1:00 PM, Mark J. Markus wrote:
> **
>
>
> FIrst, if this is on real property, you cannot partially strip a lien;
> it's either wholly unsecured or it's not. If it is a rental property you
> could partially strip, but would then have to pay the remaining balance in
> full during the plan term (in a Chapter 13. Chapter 11 could be longer).
>
> I believe if a case has been filed you can subpoena, or at least do a
> RESPA request, for the balance owed. That is one way to go if you don't
> have any documentation. Another would be to call the lender and ask.
> Third best would be to estimate based on the original amount, and then
> subtract out mortgage payments made, and have the debtor (or whomever made
> the payments) sign a Declaration attesting to that.
>
> How important any or all of the above is really depends on the numbers and
> how close you are. If the value of the property is $200,000 and the 1st
> Mortgage is $500,000 and it was taken out 2 years ago, nobody is going to
> dispute the strip of the 2nd mortgage if you don't have exact numbers on
> what's owed to the first. But if the original loan was $200,000, then you
> have issues.
>
> *************************
> Mark J. Markus
> Law Office of Mark J. Markus
> 11684 Ventura Blvd. PMB #403
> Studio City, CA 91604-2652
> (818)509-1173 (818)509-1460 (fax)
> web: http://www.bklaw.com/
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> Legal Specialization
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> at
> http://www.bklaw.com/bankruptcy-blog/20 ... efinition/
> )
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> On 4/25/2013 12:39 PM, Kirk Brennan wrote:
>
> Also, if you underestimate the amount, does the difference between the
> amount actually due and the amount listed in the motion remain attached to
> the property?
>
> For example, you estimate the 2nd DOT amount due at $100K and it is
> actually $110K.
>
>
> On Thu, Apr 25, 2013 at 12:37 PM, Kirk Brennan wrote:
>

The post was migrated from Yahoo.

I get my client to call the creditor, or go in if it is a local bank, and get the current balance.
Sometimes, if it is last minute, I call the client, get them on the phone and then call the bank/lender with the client on the call.
d
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On Apr 25, 2013, at 12:36 PM, Kirk Brennan wrote:
> Local Form 4003-2.4.JR.LIEN.MOTION, our local lien avoidance motion form, #3(c)(2) asks for the amount of the lien to be avoided.
>
> What is the best practice for determining this amount when the debtor hasn't received a statement for a long time? Do you use the amount in the recorded deed of trust, even when the amount owed is greater due to late fees, interest, etc? Do you estimate the amount?
>
> Thanks,
>
> --
>
>
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>

The post was migrated from Yahoo.

Also, if you underestimate the amount, does the difference between the
amount actually due and the amount listed in the motion remain attached to
the property?
For example, you estimate the 2nd DOT amount due at $100K and it is
actually $110K.
On Thu, Apr 25, 2013 at 12:37 PM, Kirk Brennan wrote:

The post was migrated from Yahoo.

Local Form 4003-2.4.JR.LIEN.MOTION, our local lien avoidance motion form,
#3(c)(2) asks for the amount of the lien to be avoided.
What is the best practice for determining this amount when the debtor
hasn't received a statement for a long time? Do you use the amount in the
recorded deed of trust, even when the amount owed is greater due to late
fees, interest, etc? Do you estimate the amount?
Thanks,
CONFIDENTIALITY NOTICE: This e-mail and any attachments are for the
exclusive and confidential use of the intended recipient. If you are not
the intended recipient, please do not read, distribute or take action in
reliance on this message. If you have received this message in error,
please notify us immediately by return e-mail and promptly delete this
message and its attachments from your computer system. We do not waive
attorney-client or work product privilege by the transmission of this
message.
TAX ADVICE NOTICE: Tax advice, if any, contained in this e-mail does not
constitute a "reliance opinion" as defined in IRS Circular 230 and may not
be used to establish reasonable reliance on the opinion of counsel for the
purpose of avoiding the penalty imposed by Section 6662A of the Internal
Revenue Code. The firm provides reliance opinions only in formal opinion
letters containing the signature of a director.
Local Form 4003-2.4.JR.LIEN.MOTION, our local lien avoidance motion form, #3(c)(2) asks for the amount of the lien to be avoided.What is the best practice for determining this amount when the debtor hasn't received a statement for a long time? Do you use the amount in the recorded deed of trust, even when the amount owed is greater due to late fees, interest, etc? Do you estimate the amount?
Thanks,-- CONFIDENTIALITY NOTICE: This e-mail and any attachments are for the exclusive and confidential use of the intended recipient. If you are not the intended recipient, please do not read, distribute or take action in reliance on this message. If you have received this message in error, please notify us immediately by return e-mail and promptly delete this message and its attachments from your computer system. We do not waive attorney-client or work product privilege by the transmission of this message.
TAX ADVICE NOTICE: Tax advice, if any, contained in this e-mail does not constitute a "reliance opinion" as defined in IRS Circular 230 and may not be used to establish reasonable reliance on the opinion of counsel for the purpose of avoiding the penalty imposed by Section 6662A of the Internal Revenue Code. The firm provides reliance opinions only in formal opinion letters containing the signature of a director.

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