X-eGroups-Edited-By: easky1
Hello, this post is from Philip Koebel. He thinks that the homestead applies regardless of equity. I have asked him to explain why a debtor cannot encumber debtor's equity. He has not supplied an answer. So,do not rely on this post without your own research.
dennis, list-serve sergeant-at-arms.
is the property the Debtors primary residence?
it will be protected by the Homestead Exemption which for a couple is
$100,000.00 pursuant to CCP 704.730(a)(2).
C7T Yoo will be required to pay the Debtors $100,000.00 out of the proceeds
of any sale regardless of equity. Arguably, if the encumbrances on the
property exceed $280,000.00, C7T Yoo will NOT be permitted to sell the
property.
read Pladson II attached.
On Mon, Apr 29, 2013 at 1:57 PM, Ed Figaredo wrote:
> **
>
>
> **
>
>
> ------------------------------
> *From:* Rosendo Gonzalez [mailto:
rossgonzalez@gonzalezplc.com]
> *Sent:* Monday, April 29, 2013 1:34 PM
> *To:*
> *Subject:* Re: Help
>
> I can meet with them, but not sure how much I can do to satisfy their
> need.
>
> Sent from my iPhone
>
> On Apr 29, 2013, at 1:01 PM, "Ed Figaredo" wrote:
>
> Do you want to get involved? Seems Yoo may respect you a lot more
> than moi.
> If you dont want to I can ask Jim King. What do you think?
>
> ------------------------------
> *From:* Rosendo Gonzalez [mailto:
rossgonzalez@gonzalezplc.com]
>
> *Sent:* Monday, April 29, 2013 12:59 PM
> *To:*
> *Subject:* Re: Help
>
> Difficult to litigate since the open market is best test; as to buying
> more time, may be telling new attorney to get involve and ask for short
> continuance
>
> Sent from my iPhone
>
> On Apr 29, 2013, at 12:51 PM, "Ed Figaredo" wrote:
>
> Well the clients do believe the price is much closer to 305K. But
> they dont want to get rid of the house. They want to keep the property but
> not pay the money. Isnt there a way to litigate this, but fighting the
> value of the house?
> Can you/do you want to become involved?
> They gave me deadline for tomorrow, how do I buy more time?
>
> ------------------------------
> *From:* Rosendo Gonzalez [mailto:
rossgonzalez@gonzalezplc.com]
>
> *Sent:* Monday, April 29, 2013 7:19 AM
> *To:*
ed@figaredo-law.com
> *Subject:* RE: Help
>
> If your client actually believes that the 305k is the accurate value,
> then it probably makes sense to allow the trustee and his broker to market
> and list the property (since they will not be able to sell it); if the
> client believes it is closer to 380k (and I am assuming that the claimed
> homestead exemption does not cover all the equity value), then your client
> should consider whether he wants to keep the property (either by making an
> offer to the trustee for some amount of the non-exempt equity value in the
> property or considering voluntarily dismissing the case, which will likely
> be opposed and even if granted would result in payment of administrative
> fees and costs).****
>
> ****
>
> *From:* Ed Figaredo [mailto:
ed@figaredo-law.com ]
> *Sent:* Monday, April 29, 2013 4:59 AM
> *To:* Rosendo Gonzalez
> *Subject:* Help****
>
> ****
>
> Ross, Ed Figaredo here. Need your help. ****
>
> File Chap 7, got a formal appraisal for residence, independent, sent
> client to get it. Appraisal comes back $305K. I file accorddingly. ****
>
> Trustee Yoo says property worth $380 or something. ****
>
> They want the property. I called them and they said they dont give a
> rats ass what appraisal says. ****
>
> I have no clue what to do. Can I hire you? If not who? How do we get
> around this?
> These people want answer by 4-30-2013 or they will send broker to list
> property. Client is ready to skin me though I amm covered, I think.. ****
>
> I dont know why I am still in this business. ****
>
> ****
>
> ****
>
> ****
>
> ****
>
> ****
>
> ****
>
> ****
>
> ****
>
> ****
>
> ****
>
> ****
>
> ****
>
> ****
>
> ___________________________________****
>
> Edward F. Figaredo, Attorney At Law****
>
> LAW OFFICES EDWARD F. FIGAREDO****
>
> A PROFESSIONAL CORPORATION****
>
> 10507 Valley Boulevard, Ste 822****
>
> El Monte, California 91731-9998****
>
> (626)444-9542****
>
> ****
>
> ****
>
> NOTICE: ****
>
> Privileged And Confidential Communication.
> This electronic transmission, and any documents attached hereto, (a) are
> protected by the Electronic Communications Privacy Act (18 USC
> 2510-2521), (b) may contain confidential and/or legally privileged
> information, and (c) are for the sole use of the intended recipient named
> above. If you have received this electronic message in error, please notify
> the sender and delete the electronic message. Any disclosure, copying,
> distribution, or use of the contents of the information received in error
> is strictly prohibited. ****
>
> Any tax advice contained in the body of this e-mail was not intended or
> written to be used, and cannot be used, by the recipient for the purpose of
> avoiding penalties that may be imposed under the Internal Revenue Code or
> applicable state or local tax law provisions.****
>
> NOTICE: The above is not to be received or understood as legal advice.
> No attorney-client relationship exists with this office until you have
> signed a retainer agreement or engagement letter. If you are serious about
> pursuing your matter, retain counsel without delay. If you fail to
> strictly observe the time limitations applicable to your particular
> situation you are likely to lose your rights to proceed FOREVER.
>
> ****
>
> ****
>
> ****
>
>
>
Hello, this post is from Philip Koebel. He thinks that the homestead applies regardless of equity. I have asked him to explain why a debtor cannot encumber debtor's equity. He has not supplied an answer. So, do not rely on this post without your own research. I am publishing the post so it can be debated. I have asked him to posit this type of post as a theory, but he repeatedly makes this assertion as if he is 100% correct, which make me add this warning.
dennis, list-serve sergeant-at-arms.
is the property the Debtors primary residence? it will be protected by the Homestead Exemption which for a couple is $100,000.00 pursuant to CCP 704.730(a)(2).
C7T Yoo will be required to pay the Debtors $100,000.00 out of the proceeds of any sale regardless of equity. Arguably, if the encumbrances on the property exceed $280,000.00, C7T Yoo will NOT be permitted to sell the property.
read Pladson II attached.On Mon, Apr 29, 2013 at 1:57 PM, Ed Figaredo wrote:
From: Rosendo Gonzalez
[mailto:
rossgonzalez@gonzalezplc.com] Sent: Monday, April 29, 2013
1:34 PMTo: Subject: Re:
Help
I can meet with them, but not sure how much I can do to satisfy their
need.Sent from my iPhone
On Apr 29, 2013, at 1:01 PM, "Ed Figaredo"
wrote:
Do you want to get involved? Seems Yoo
may respect you a lot more than moi.
If you dont want to I can ask Jim King.
What do you think?
From: Rosendo Gonzalez [mailto:
rossgonzalez@gonzalezplc.com]
Sent: Monday, April 29, 2013 12:59 PMTo: Subject:
Re: Help
Difficult to litigate since the open market is best test; as to buying
more time, may be telling new attorney to get involve and ask for short
continuanceSent from my iPhone
On Apr 29, 2013, at 12:51 PM, "Ed Figaredo"
wrote:
Well the clients do believe the price
is much closer to 305K. But they dont want to get rid of the house. They
want to keep the property but not pay the money. Isnt there a way to
litigate this, but fighting the value of the house?
Can you/do you want to become
involved?
They gave me deadline for tomorrow,
how do I buy more time?
From: Rosendo Gonzalez [mailto:
rossgonzalez@gonzalezplc.com]
Sent: Monday, April 29, 2013 7:19 AMTo:
ed@figaredo-law.comSubject:
RE: Help
If
your client actually believes that the 305k is the accurate value, then it
probably makes sense to allow the trustee and his broker to market and list
the property (since they will not be able to sell it); if the client
believes it is closer to 380k (and I am assuming that the claimed homestead
exemption does not cover all the equity value), then your client should
consider whether he wants to keep the property (either by making an offer to
the trustee for some amount of the non-exempt equity value in the property
or considering voluntarily dismissing the case, which will likely be opposed
and even if granted would result in payment of administrative fees and
costs).
From: Ed Figaredo [mailto:
ed@figaredo-law.com]
Sent: Monday, April 29, 2013 4:59 AMTo: Rosendo
GonzalezSubject: Help
Ross, Ed Figaredo here. Need your help.
File Chap 7, got a formal appraisal for residence, independent, sent client
to get it. Appraisal comes back $305K. I file accorddingly.
Trustee Yoo says property worth $380 or something.
They want the property. I called them and they said they dont give a rats
ass what appraisal says.
I have no clue what to do. Can I hire you? If not who? How do we get around
this? These people want answer by 4-30-2013 or
they will send broker to list property. Client is ready to skin me though I
amm covered, I think..
I dont know why I am still in this business.
___________________________________
Edward F. Figaredo, Attorney At
Law
LAW OFFICES EDWARD F.
FIGAREDO
A PROFESSIONAL
CORPORATION
10507 Valley Boulevard, Ste
822
El Monte,
California 91731-9998
(626)444-9542
NOTICE:
Privileged And
Confidential Communication.This electronic transmission, and any
documents attached hereto, (a) are protected by the Electronic
Communications Privacy Act (18 USC 2510-2521), (b) may contain
confidential and/or legally privileged information, and (c) are for the sole
use of the intended recipient named above. If you have received this
electronic message in error, please notify the sender and delete the
electronic message. Any disclosure, copying, distribution, or use of the
contents of the information received in error is strictly prohibited.
Any tax advice
contained in the body of this e-mail was not intended or written to be used,
and cannot be used, by the recipient for the purpose of avoiding penalties
that may be imposed under the Internal Revenue Code or applicable state or
local tax law provisions.
NOTICE: The
above is not to be received or understood as legal advice. No
attorney-client relationship exists with this office until you have signed a
retainer agreement or engagement letter. If you are serious about
pursuing your matter, retain counsel without delay. If you fail to
strictly observe the time limitations applicable to your particular
situation you are likely to lose your rights to proceed
FOREVER.
X-Attachment-Id: f_hg48p8yw0
filename="Pladson 35 F3d 462 9th Cir 1994.pdf"
X-Attachment-Id: f_hg48p8yw0
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