Don't be fooled: Bank of America forgiving 2nds
Posted: Thu Oct 11, 2012 8:45 am
Dennis,
I agree with you that it is best to assume that the Bank is not giving up its
lien. However, since they are reporting to the IRS, and receiving some taxbenefits on the "forgiveness", I wonder if an argument can be fashioned that
they are thereafter estopped from asserting their lien rights
Kenneth Jay Schwartz, Esq.
LAW OFFICE OF KENNETH JAY SCHWARTZ
21031 Ventura Boulevard, Suite 640
Woodland Hills, California 91364-2226
Telephone: (818) 226-1205
Facsimile : (818) 226-1213
THE INFORMATION CONTAINED IN THIS E-MAIL IS INTENDED ONLY FOR THE PERSONAL AND
CONFIDENTIAL USE OF THE DESIGNATED RECIPIENT(S) NAMED ABOVE. THIS MESSAGE MAY
BE AN ATTORNEY-CLIENT COMMUNICATION, AND, AS SUCH, IS PRIVILEGED AND
CONFIDENTIAL. IF THE READER OF THIS MESSAGE IS NOT THE INTENDED RECIPIENT OR AN
AGENT RESPONSIBLE FOR DELIVERING IT TO THE DESIGNATED RECIPIENT, YOU ARE HEREBY
NOTIFIED THAT YOU HAVE RECEIVED THIS E-MAIL IN ERROR, AND THAT ANY REVIEW,DISSEMINATION, DISTRIBUTION OR COPYING OF THIS MESSAGE IS STRICTLY PROHIBITED.
IF YOU HAVE RECEIVED THIS COMMUNICATION IN ERROR, PLEASE NOTIFY US IMMEDIATELY.
THANK YOU.
________________________________
To: cdcbaa@yahoogroups.com
Sent: Thu, October 11, 2012 8:30:22 AM
Subject: Re: [cdcbaa] Don't be fooled: Bank of America forgiving 2nds
The question is, are these letters the equivalent of a charge off, i.e. anaccounting tactic, or are they true cancellations? I am trying to get professor
Porter from Irvine, to opine regarding the effect of these letters and where
they fit in the settlements, but she has not yet replied.
Until there is a final appellate decision take the safe position and continue
to lien strip.
2nds are very dangerous. Unless there is an affirmative accelleration, thestatute of limits only runs on payments that come due. The entire obligation is
not due for 30 years, so, if you don't strip and these letters are later ruled
accounting gimics, like a charge off, you client will get sued in ten years,
after the market comes back. And, of course, you will be a malpractice target.
D
axel richter wrote:
>1. Your clients got a letter not a contract or lien release, lien still exists!
>2, Those of you you got a Stip Or LAM need a proof of claim of $0.00 or trustee
>will pay when $ becomes available for unsecured,
>3. Get a lien release from the bank based on the letter of forgivenes and when
>lien is released forward to trustee, so no $ to unsecured second,
>4. Good luck
>
>
>________________________________
>To: "cdcbaa@yahoogroups.com"
>Cc: "cdcbaa@yahoogroups.com"
>Sent: Monday, October 8, 2012 12:46 PM
>Subject: Re: [cdcbaa] Bank of America forgiving 2nds
>
>
>
>To discharge it? People don't actually like paying the 2nds if they don't need
>to. I'm intrigued by your comment though. Explain.
>
>Sent from my iPad
>
>On Oct 6, 2012, at 5:11 PM, "PHiLiP E. KOeBeL, Esq." wrote:
>
>
>
>>
>>Indeed. why ever do a lien-strip on a 2nd?
>>
>>
1. Your clients got a letter not a contract or lien release, lien still exists!
2, Those of you you got a Stip Or LAM need a proof of claim of $0.00 or trustee
will pay when $ becomes available for unsecured,
3. Get a lien release from the bank based on the letter of forgivenes and when
lien is released forward to trustee, so no $ to unsecured second,
4. Good luck
The post was migrated from Yahoo.