Increased mortgage payment due to impound=20
Posted: Mon Apr 20, 2009 11:32 am
I remember a Texas case stating that the lender was allowed to advance escrow post petition based on the pre-petition failure to maintain the taxes. The pre-pet taxes were part of the original claim and the post pet escrow was allowed so long as reasonable...
Afterall, the note does allow for the advance of property taxes...
I hope I am wrong...and by Davids post, I might be...
To: cdcbaa@yahoogroups.com
Sent: Monday, April 20, 2009 11:14:42 AM GMT -08:00 US/Canada Pacific
Subject: RE: [cdcbaa] Increased mortgage payment due to impound
Nancy:
Some research will be needed to confirm my assessment that it is a stay violation, but their advance subjects the debtor to an increase in interest rates, penalties and other changes in terms from what the County Tax Assessor would charge. Further, one could make a reasonable argument that there was no need to make the advance because their collateral is not in serious jeopardy for at least 4 years as a result of the nonpayment of tax.
I would do an objection the claim and provide for the payment of the taxes to them over the cure period of the plan. If the facts show a post-petition advance and if the research bears out my assessment, then consider an OSC re contempt.
David A. Tilem
Certified Bankruptcy Specialist *
Law Offices of David A. Tilem (a debt relief agency)
206 N. Jackson Street, #201 , Glendale, CA 91206
Tel: 818-507-6000 Fax: 818-507-6800
* Bankruptcy specialist cert. by State Bar of CA Bd of Legal Specialization.
n
ancy Clark
Sent: Monday, April 20, 2009 10:49 AM
To: cdcbaa@yahoogroups.com
Subject: RE: [cdcbaa] Increased mortgage payment due to impound
So it is a violation of the automatic stay if they change the mortgage payment post petition and it is not a scheduled change and it is also a violation of the automatic stay to pay the post petition debt owed by debtors to a separate entity (debtors do not have the money). So, how do I resolve the issue if the debtors dont have the money? Should I wait for an objection from the creditor or an MFR? Should I file my own objection to claim?
Nancy Clark
Borowitz, Lozano & Clark, LLP
100 N. Barranca Avenue, Suite 250
West Covina, CA 91791
Office: (626) 332-8600
Fax: (626) 332-8644
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The post was migrated from Yahoo.