Central District Consumer Bankruptcy Attorney's Association

charset="windows-1251"
all correct.
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.
schug98
Sent: Thursday, April 29, 2010 4:19 PM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Post Chapter 7 mortgage default results
Checked prior emails but nothing specific to this question.
Are the following statements correct conclusions:
Debtor files c7, current on mortgage, designates debt as retain and pay
pursuant to contract (no reaffirmation), but defaults after c7.
1. Assuming non-purchase money mortgage (refi), lender does not have right
to sue debtor for any deficiency balance because of the c7 discharge.
2. Assume a purchase money mortgage. Lender cannot sue for deficiency
balance because of state anti deficiency law.
3. Assume debtor does reaffirm non-purchase money mortgage in c7. Lender has
right to sue for deficiency balance after post c7 foreclosure.
Thanks,
Direct Comments: schug98@aol. com
Sharon C. Hughes
Hughes & Dunstan, LLP
21650 Oxnard Street, Suite 1960
Woodland Hills, CA 91367
Tel: 818-715-9558 x1
Fax: 818-715-9559
www.hughesanddunstan.com
An A/V Rated Firm by The Martindale-Hubbell Law Directory
charset="windows-1251"
Message
all
correct.


David A.
Tilem
Certified Bankruptcy
Specialist*
The post was migrated from Yahoo.

1) Correct. Lender cannot sue for deficiency balance because Debtor's personal obligation on that debt has been discharged.
2) Correct. Although even if the anti-deficiency statute did not apply, Lender cannot sue because #1 still applies.
3) Correct. The reaffirmation agreement reimposes personal obligation on the Debtor.

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-------- Original Message --------Subject: [cd8@yahoo.com>Date: Thu, April 29, 2010 4:19 pmTo: cdcbaa@yahoogroups.com
Checked prior emails but nothing specific to this question.Are the following statements correct conclusions:Debtor files c7, current on mortgage, designates debt as retain and pay pursuant to contract (no reaffirmation), but defaults after c7. 1. Assuming non-purchase money mortgage (refi), lender does not have right to sue debtor for any deficiency balance because of the c7 discharge.2. Assume a purchase money mortgage. Lender cannot sue for deficiency balance because of state anti deficiency law. 3. Assume debtor does reaffirm non-purchase money mortgage in c7. Lender has right to sue for deficiency balance after post c7 foreclosure.Thanks,Direct Comments: schug98@aol.comSharon C. HughesHughes & Dunstan, LLP21650 Oxnard Street, Suite 1960Woodland Hills, CA 91367Tel: 818-715-9558 x1Fax: 818-715-9559www.hughesanddunstan.comAn A/V Rated Firm by The Martindale-Hubbell Law Directory

The post was migrated from Yahoo.

Checked prior emails but nothing specific to this question.
Are the following statements correct conclusions:
Debtor files c7, current on mortgage, designates debt as retain and pay pursuant to contract (no reaffirmation), but defaults after c7.
1. Assuming non-purchase money mortgage (refi), lender does not have right to sue debtor for any deficiency balance because of the c7 discharge.
2. Assume a purchase money mortgage. Lender cannot sue for deficiency balance because of state anti deficiency law.
3. Assume debtor does reaffirm non-purchase money mortgage in c7. Lender has right to sue for deficiency balance after post c7 foreclosure.
Thanks,
Direct Comments: schug98@aol.com
Sharon C. Hughes
Hughes & Dunstan, LLP
21650 Oxnard Street, Suite 1960
Woodland Hills, CA 91367
Tel: 818-715-9558 x1
Fax: 818-715-9559
www.hughesanddunstan.com
An A/V Rated Firm by The Martindale-Hubbell Law Directory

The post was migrated from Yahoo.