Engage a realtor immediately and contact the lender right away with the listing. Ask them to postpone the foreclosure and if necessary file a TRO to stop the foreclosure (at least tell the bank you are willing). Have the BK ready and fax it (unfiled) to the lender explaining you are willing to file it if they will not give you some time. As a former bank attorney, I can tell you we always took borrower counsel seriously when they threatened some action and faxed us what they were planning on filing. We always picked up the phone to see if there was a workable solution then.
Desiree Causey
7755 Center Avenue, Suite 1100
Huntington Beach, CA 92647
714-372-2225
Sent from my iPad
> On Dec 7, 2015, at 7:52 PM, cdcbaa
cdcbaamailbox@gmail.com [cdcbaa] wrote:
>
> [Attachment(s) from cdcbaa included below]
> I would file an 11. No plan payments in 30 days like there are in a 13, and you can file a liquidating plan. 362 is not a huge issue if there is a lot of equity.
>
> in most cases, at the initial status conference, if you have a broker employed, the judge will consider the case moving forward to a positive conclusion, but don't sit on it, hire the broker immediately.
>
> If you file a 7, you give away all of the work to the trustee and the trustee's lawyer. File the 11, make the motion to hire a broker, make the motion to sell, then file a fee app, as long as the property sells, you will get paid.
>
> But, truthfully, if you get a broker hired by the debtor and the broker contacts the lender, as a previous commenter said, the bank may just postpone the sale and let the debtor sell. if not, file the 11.
>
> d
>
> Dennis McGoldrick, 350 S. Crenshaw Bl., #A207B, Torrance, Ca 90503 310-328-1001-voice
>
>
>> On Dec 7, 2015, at 5:02 PM, Kirk Brennan
kirkinhermosa@gmail.com [cdcbaa] wrote:
>>
>>
>> I don't see bad faith in Nick's scenario.
>>
>>> On Dec 7, 2015 1:49 PM, "Yahoo
petermlively2000@yahoo.com [cdcbaa]" wrote:
>>>
>>> [Attachment(s) from Yahoo included below]
>>> I've found foreclosing lenders to be reasonably cooperative in agreeing to postpone foreclosure trustee sales after submitting a requests for postponement with a copies if the listing agreements and a showing of an equity cushion.
>>> Best luck
>>>
>>> Sent from my iPhone - please excuse typos.
>>>
>>>> On Dec 7, 2015, at 1:18 PM, Nicholas Gebelt
ngebelt@gebeltlaw.com [cdcbaa] wrote:
>>>>
>>>>
>>>> Dear Colleagues,
>>>>
>>>>
>>>>
>>>> A potential client called with an interesting scenario. She has no unsecured debt. She has very little income. The reason she called is a looming foreclosure. She has a fair amount of equity, but insufficient time to sell the property. My thought was to put her in a Chapter 7 and have the Trustee sell the property. In so doing she would get more time in the house and her $100,000 exemption. However, because she has no unsecured debt she would, in essence, be hiring the Trustee as her real estate agent. Would a Chapter 7 filing be considered a bad faith filing?
>>>>
>>>>
>>>>
>>>> Thank you for your thoughts,
>>>>
>>>>
>>>>
>>>> Nick
>>>>
>>>>
>>>>
>>>> Nicholas Gebelt
>>>>
>>>>
>>>>
>>>> Nicholas Gebelt, Ph.D., J.D.
>>>>
>>>> Attorney at Law
>>>>
>>>> Certified Bankruptcy Law Specialist State Bar of California Board of Legal Specialization
>>>>
>>>> Commissioner, California State Bars Bankruptcy Law Advisory Committee
>>>>
>>>>
>>>>
>>>>
>>>>
>>>>
>>>>
>>>> Law Offices of Nicholas Gebelt
>>>>
>>>> 15150 Hornell Street
>>>>
>>>> Whittier, CA 90604
>>>>
>>>> Phone: 562.777.9159
>>>>
>>>> FAX: 562.946.1365
>>>>
>>>> Email:
ngebelt@goodbye2debt.com;
ngebelt@gebeltlaw.com
>>>>
>>>> Web:
www.goodbye2debt.com
>>>>
>>>> Blog:
www.southerncaliforniabankruptcylawblog.com/
>>>>
>>>>
>>>>
>>>> Important notice required by 11 U.S.C. 528: We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
>>>>
>>>>
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>>
>
>
The post was migrated from Yahoo.
