Central District Consumer Bankruptcy Attorney's Association

She doesn't pass the means test right now.
On Friday, June 3, 2016, Mark Jessee jesseelaw@aol.com [cdcbaa] wrote:
>
>
> It's likely a function of Idaho law, if any, and lender's guidelines. I
> assume the 403(b) is exempt. If the client is insolvent other than the
> retirement account is bankruptcy not a viable option?
>
> Mark Jessee
>
> Sent from my iPhone
>
> On Jun 2, 2016, at 7:40 PM, Holly Roark hollyroark22@gmail.com
> [cdcbaa] cdcbaa@yahoogroups.com
> > wrote:
>
>
>
> Borrower/Debtor has a buyer for her rental property, but it has to go by
> short sale. Bank is having borrower submit tax returns, bank statements,
> and a financial sheet listing all assets and debts before reviewing short
> sale offer.
>
> Bank is willing to take back a note for the deficiency.
> (This is Idaho and not a primary residence. They could get a judgment for
> deficiency.)
>
> If borrower's assets exceed liabilities only due to a five figure balance
> in 403(b), will short sale be denied? Borrower has no other equity in any
> assets.
>
> Borrower is 64, retiring soon, needs the 403(b) money to live on.
>
> Of course we want a discount on the deficiency balance, but debtor is more
> concerned about having the short sale "rejected" out of hand due to her
> assets. (1) Is this a possibility?
>
> (2) Will bank still give us a discount on the deficiency, even with the
> retirement funds that can be accessed without penalty in about 20 months?
>
>
> --
> Holly Roark
> Certified Bankruptcy Specialist*
> *and Sports Lawyer*
> holly@roarklawoffices.com
> **primary
> email address**
> www.roarklawoffices.com
> *Central District of California & District of Idaho* - Consumer
> Bankruptcy Attorney
> 1875 Century Park East, Suite 600 Los Angeles, CA 90067
> T (310) 553-2600; F (310) 553-2601
>
> *By State Bar of California Board of Legal Specialization
>
>
>
>
>
Holly Roark
Certified Bankruptcy Specialist*
*and Sports Lawyer*
holly@roarklawoffices.com **primary email address**
www.roarklawoffices.com
*Central District of California & District of Idaho* - Consumer Bankruptcy
Attorney
1875 Century Park East, Suite 600 Los Angeles, CA 90067
T (310) 553-2600; F (310) 553-2601
*By State Bar of California Board of Legal Specialization
She doesn't pass the means test right now.On Friday, June 3, 2016, Mark Jessee jesseelaw@aol.com [cdcbaa] <cdcbaa@yahoogroups.com> wrote:
It's likely a function of Idaho law, if any, and lender's guidelines. I assume the 403(b) is exempt. If the client is insolvent other than the retirement account is bankruptcy not a viable option? Mark JesseeSent from my iPhoneOn Jun 2, 2016, at 7:40 PM, Holly Roark hollyroark22@gmail.com [cdcbaa] <
The post was migrated from Yahoo.

It's likely a function of Idaho law, if any, and lender's guidelines. I assume the 403(b) is exempt. If the client is insolvent other than the retirement account is bankruptcy not a viable option?
Mark Jessee
Sent from my iPhone
> On Jun 2, 2016, at 7:40 PM, Holly Roark hollyroark22@gmail.com [cdcbaa] wrote:
>
> Borrower/Debtor has a buyer for her rental property, but it has to go by short sale. Bank is having borrower submit tax returns, bank statements, and a financial sheet listing all assets and debts before reviewing short sale offer.
>
>
> Bank is willing to take back a note for the deficiency.
> (This is Idaho and not a primary residence. They could get a judgment for deficiency.)
>
> If borrower's assets exceed liabilities only due to a five figure balance in 403(b), will short sale be denied? Borrower has no other equity in any assets.
>
> Borrower is 64, retiring soon, needs the 403(b) money to live on.
>
> Of course we want a discount on the deficiency balance, but debtor is more concerned about having the short sale "rejected" out of hand due to her assets. (1) Is this a possibility?
>
> (2) Will bank still give us a discount on the deficiency, even with the retirement funds that can be accessed without penalty in about 20 months?
>
>
> --
> Holly Roark
> Certified Bankruptcy Specialist*
> and Sports Lawyer
> holly@roarklawoffices.com **primary email address**
> www.roarklawoffices.com
> Central District of California & District of Idaho - Consumer Bankruptcy Attorney
> 1875 Century Park East, Suite 600 Los Angeles, CA 90067
> T (310) 553-2600; F (310) 553-2601
> *By State Bar of California Board of Legal Specialization
>
>
>
Holly RoarkCertified Bankruptcy Specialist*and Sports Lawyer
holly@roarklawoffices.com **primary email address**
www.roarklawoffices.com
Central District of California & District of Idaho - Consumer Bankruptcy Attorney
1875 Century Park East, Suite 600 Los Angeles, CA 90067T (310) 553-2600; F (310) 553-2601
*By State Bar of California Board of Legal
Specialization
The post was migrated from Yahoo.

Borrower/Debtor has a buyer for her rental property, but it has to go by
short sale. Bank is having borrower submit tax returns, bank statements,
and a financial sheet listing all assets and debts before reviewing short
sale offer.
Bank is willing to take back a note for the deficiency.
(This is Idaho and not a primary residence. They could get a judgment for
deficiency.)
If borrower's assets exceed liabilities only due to a five figure balance
in 403(b), will short sale be denied? Borrower has no other equity in any
assets.
Borrower is 64, retiring soon, needs the 403(b) money to live on.
Of course we want a discount on the deficiency balance, but debtor is more
concerned about having the short sale "rejected" out of hand due to her
assets. (1) Is this a possibility?
(2) Will bank still give us a discount on the deficiency, even with the
retirement funds that can be accessed without penalty in about 20 months?
Holly Roark
Certified Bankruptcy Specialist*
*and Sports Lawyer*
holly@roarklawoffices.com **primary email address**
www.roarklawoffices.com
*Central District of California & District of Idaho* - Consumer Bankruptcy
Attorney
1875 Century Park East, Suite 600 Los Angeles, CA 90067
T (310) 553-2600; F (310) 553-2601
*By State Bar of California Board of Legal Specialization
Borrower/Debtor has a buyer for her rental property, but it has to go by short sale.Bank is having borrower submit tax returns, bank statements, and a financial sheet listing all assets and debts before reviewing short sale offer.Bank is willing to take backa note for the deficiency.(This is Idaho and not a primary residence. They could get a judgment for deficiency.)If borrower's assets exceed liabilities only due to a five figurebalance in 403(b), will short sale be denied? Borrower has no other equity in any assets.Borrower is 64,retiring soon, needs the 403(b) money to live on.Of course we want a discount on the deficiency balance, but debtor is more concerned about having the short sale "rejected" out of hand due to her assets. (1)Is this a possibility?(2)etirement funds that can be accessed without penalty in about 20 months?r"ltr">Holly RoarkCertified Bankruptcy Specialist*and Sports Lawyer
holly@roarklawoffices.com**primary email address**
www.roarklawoffices.com
Central District of California & District of Idaho - Consumer Bankruptcy Attorney
1875 Century Park East, Suite 600 Los Angeles, CA 90067T (310) 553-2600; F (310) 553-2601

The post was migrated from Yahoo.