The way I think of liens is that they attach to property. If a lien is
avoided as to a particular property, it is no longer attached to that
property. If what I said is true, then once avoided from real property, the
lien does not attach to that particular real property. Consequently, any
obligation secured by that lien is no longer secured by the property the
lien attached to. Title or coborrowers, etc. don't matter with respect to
the analysis.
The second part of your question seems extraordinarily complex.
Sincerely,
Michael Avanesian
On Mon, Nov 17, 2014 at 10:50 PM, 'Mark J. Markus'
bklawr@yahoo.com
[cdcbaa] wrote:
>
>
> Esteemed Colleagues:
>
> I'm advising someone on a Chapter 13 case in which a lien strip was done.
>
> *The salient facts are*:
>
> As of the petition filing date, Debtor is on title to the property with
> her boyfriend who is also a co-signer on the junior mortgage loan to be
> stripped.
>
> Petition filed by debtor alone.
>
> During the Chapter 13 case, debtor marries said boyfriend.
>
> Debtor files the complaint for the lien strip (Judge Zurzolo) and it is
> approved by default.
>
> *Questions*:
>
> 1. Is the lien "fully" stripped or does the fact that there was a
> nondebtor on title (or on the loan) affect the extent of the strip?
> 2. Now that they are married, is the husband protected against any
> deficiency owed to the stripped mortgage by virtue of the community
> discharge in 524(a)(3) (once it's entered)?
>
>
> Thanks in advance for your input.
>
>
>
> *************************
> Mark J. Markus
> Law Office of Mark J. Markus
> *Mailing Address Only:*
> 11684 Ventura Blvd. PMB #403
> Studio City, CA 91604-2652
> (818)509-1173 (818)332-1180 (fax)
> web:
http://www.bklaw.com/
> Certified Bankruptcy Law Specialist--The State Bar of California Board of
> Legal Specialization
> This Firm is a Qualified Federal Debt Relief Agency
> ________________________________________________
> NOTICE: This Electronic Message contains information from the law office
> of Mark J. Markus that may be privileged. The information is intended for
> the use of the addressee only. If you are not the addressee, note that any
> disclosure, copy, distribution or use of the contents of this message is
> prohibited.
> IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by
> the IRS, we inform you that any U.S. tax advice contained in this
> communication (or in any attachment) is not intended or written to be used,
> and cannot be used, for the purpose of (i) avoiding penalties under the
> Internal Revenue Code or (ii) promoting, marketing or recommending to
> another party any transaction or matter addressed in this communication.
>
>
>
The way I think of liens is that they attach to property. If a lien is avoided as to a particular property, it is no longer attached to that property. If what I said is true, then once avoided from real property, the lien does not attach to that particular real property. Consequently, any obligation secured by that lien is no longer secured by the property the lien attached to. Title or coborrowers, etc. don't matter with respect to the analysis.The second part of your question seems extraordinarily complex.Sincerely, Michael AvanesianOn Mon, Nov 17, 2014 at 10:50 PM, 'Mark J. Markus'
bklawr@yahoo.com [cdcbaa] <
cdcbaa@yahoogroups.com> wrote:
Esteemed Colleagues:
I'm advising someone on a Chapter 13 case in which a lien strip
was done.
The salient facts are:
As of the petition filing date, Debtor is on title to the property
with her boyfriend who is also a co-signer on the junior mortgage
loan to be stripped.
Petition filed by debtor alone.
During the Chapter 13 case, debtor marries said boyfriend.
Debtor files the complaint for the lien strip (Judge Zurzolo) and
it is approved by default.
Questions:
1. Is the lien "fully" stripped or does the fact that there
was a nondebtor on title (or on the loan) affect the extent of the
strip?
2. Now that they are married, is the husband protected
against any deficiency owed to the stripped mortgage by virtue of
the community discharge in 524(a)(3) (once it's entered)?
Thanks in advance for your input.
*************************
Mark J. Markus
Law Office of Mark J. Markus
Mailing Address Only:
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
The post was migrated from Yahoo.