The practice in Las Vegas for some of the trustees is to strike a deal with the mortgage companies to market the properties for short sale in return for a commission (of sorts) - anywhere from $5,000 - $30,000 depending on the value of the property. In my Vegas office we started to claim the homestead even on property being surrendered (as long as the debtor still occupied on the filing date) on the theory that any money coming in off the short sale would have to be remitted to the Debtor up to the homestead limit (which is large in NV). I hear anectodally that this is backing the trustees off on primary residences - but it leaves rental property wide open.
>
> It would be nice to know who this lender is, so I can be on the lookout for
> them in the future.
>
>
>
>
>
>
>
> Desiree Causey, Esq.
>
> Law Office of Desiree Causey
>
> 17011 Beach Blvd., Suite 900
>
> Huntington Beach, CA 92647
>
>
>
> 714-375-6663
>
> 714-908-7646 (fax)
>
>
>
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>
>
> Tyson M. Takeuchi
> Sent: Wednesday, May 09, 2012 2:59 PM
> To:
cdcbaa@yahoogroups.com
> Subject: [cdcbaa] More Chapter 7 Trustee B.S.
>
>
>
>
>
> Hi Everyone,
>
> Here is more Chapter 7 Te B.S.--Maybe more entertaining than "Keeping Up
> With the Kardashians"!
>
> (This case actually occurred last year):
>
> Debtor owned home with only 1 mortgage. Mortgage $$$ amount was $460k and
> FMV of home was (at best) $160k. Mortgage company contacted Chapter 7 Te
> and told TE that it (mortgage company) would take $100k on its note.
> Mortgage company offered to hire Te to sell home at/around $160k (therefore
> $60k assets available for estate.) Mortgage company called debtor and told
> debtor that if he "played ball" he could live in the home for free for the
> 3-6 months it would take to sell the home. If he/we opposed the motion to
> sell, (mortgage company already had relief from stay), it would immediately
> seek to foreclose and U/D him out of the property.
> TE went as far as to mail a letter to the debtor to vacate the property
> immediately, otherwise federal marshalls would be at his door!
>
> Te must have gotten "cold feet"--maybe through Te's legal counsel b/c Te
> filed No Asset Report and abandoned property shortly thereafter. People
> familiar with this situation said that my debtor's case was a "test case"
> for this mortgage company. If it worked, this mortgage company would try
> the same thing all across California.
>
> Sincerely,
>
> Tyson M. Takeuchi, Esq.
>
> Tyson M. Takeuchi
> Certified Bankruptcy Specialist*^
> Law Offices of Tyson M. Takeuchi
> 1100 Wilshire Blvd., Ste. 2606
> Los Angeles, CA 90017
> tel: (213) 637-1866
> fax: (866) 481-3236
> *By State Bar of California Board of Legal Specialization
> ^Consumer Bankruptcy Specialist Certified by American Board of Certification
>
The post was migrated from Yahoo.