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Post Chapter 7 mortgage default results

Posted: Thu Apr 29, 2010 5:25 pm
by Yahoo Bot

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.

Post Chapter 7 mortgage default results

Posted: Thu Apr 29, 2010 4:35 pm
by Yahoo Bot

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.

Post Chapter 7 mortgage default results

Posted: Thu Apr 29, 2010 4:19 pm
by Yahoo Bot

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.