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Listmates,
Debtor and Friend purchased a rental house in HI together in 2006. Both
signed the mortgage. Then within a year, Debtor quitclaimed his half of
the house to Friend.
Now Debtor is about to file a chapter 11 case. Debtor is on the mortgage
but is not on title of the HI house. Debtor wants to modify the HI house
mortgage. Plan will propose to pay the mortgage bank on its secured claim
the FMV of the HI house with interest over 30 years (strip down).
1. Is it a problem that Debtor does not have title to the HI house
anymore?
2. Should Friend quitclaim 50% of the HI house to debtor before filing?
3. Should Friend quitclaim 50% of the HI house to debtor after filing?
Just FYI, the other part of debtors plan will be cramming down (strip
down) on another property; this one is in CA.
References to any case or statute sections are appreciated.
Alik Segal
Alik.Segal@gmail.com
310-362-6157
California Central District
Listmates,Debtor and Friend purchased a rental house in HI together in 2006. Both signed the mortgage.a year, Debtor quitclaimed his half of the house to Friend.
Now Debtor is about to file a chapter 11 case. Debtor is on the mortgage but is not on
title of the HI house. Debtor wants to modify
the HI house mortgage. Plan will propose
to pay the mortgage bank on its secured claim the FMV of the HI house with
interest over 30 years (strip down).
1. Is it a problem that Debtor does not have title to the HI
house anymore?2. Should Friend quitclaim 50% of
the HI house to debtor before filing?3. Should
Friend quitclaim 50% of the HI house to debtor after filing?
Just FYI, the other part of debtors plan will be cramming down (strip
down) on another property; this one is in CA.References to any case or statute sections are appreciated.-- Alik SegalAlik.Segal@gmail.com
310-362-6157California Central District
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