Co-Owners of Home one to file 7 other to file 13. . . how will that
Posted: Thu Apr 29, 2010 3:58 pm
Dear Group:
I have two women who are co-owners of the home in which they reside. They
are behind on their mortgage payments and are applying for a loan
modification. However since it is Indymac, i'm afraid that they will be
victimized by the "Deny & Foreclose" racket being run by Indymac. For those
that don't know. On Thursdays, Indymac writes a letter stating that the
borrowers didn't qualify for trial loan modification payments anymore and
that they were being denied a permanent loan modification. The letter gets
sent out on a Friday, from a place that takes about 3 days to get to the
borrower. The letter states that the house is going to foreclosure sale on
Monday Morning. Yet the letter denying the loan modification doesn't arrive
until Tuesday after the sale. Of course the borrowers never get a chance to
file a bankruptcy because they don't even know that they have been denied.
By the time they find out about it, they already lost the house.
So at this time, they are exploring their bankruptcy options before they
become victimized. They can't file a chapter 13 together as they are only
domestic partners. One of the women has all of the credit card debt. But
doesn't make much money. The other makes good money and won't qualify for
7, but will do the 13 to reorganize the house payment.
My question is for the woman who is filing the chapter 7 ahead of her
partner, should she reaffirm the mortgage? How should she handle that in
her Chapter 7" Reaffirm, Surrender? She can't redeem because she doesn't
have the money.
The one who is filing the Chapter 13 doesn't need to file right yet and she
is still working with their lender to get a loan modification.
What say all of you?
R. Grace Rodriguez, Esq.
OFF: (818) 734-7223
CEL: (323) 304-5496
NO EX-PARTE NOTICE VIA VOICE MAIL OR EMAIL: I do not accept e-mail notice
for ex parte Applications via voicemail or by email. You must comply with
California Law and give notice to a person in my office during regular
business hours.
CONFIDENTIALITY STATEMENT: This message contains privileged and
confidential information and is intended only for the individual named. If
you are not the intended recipient you should not disseminate, distribute,
store, print, copy or deliver this message. Please notify the sender
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Dear Group:I have two women who are co-owners of the home in which they reside. They are behind on their mortgage payments and are applying for a loan modification. However since it is Indymac, i'm afraid that they will be victimized by the "Deny & Foreclose" racket being run by Indymac. For those that don't know. On Thursdays, Indymac writes a letter stating that the borrowers didn't qualify for trial loan modification payments anymore and that they were being denied a permanent loan modification. The letter gets sent out on a Friday, from a place that takes about 3 days to get to the borrower. The letter states that the house is going to foreclosure sale on Monday Morning. esday after the sale. Of course the borrowers never get a chance to file a bankruptcy because they don't even know that they have been denied. So at this time, they are exploring their bankruptcy options before they become victimized. They can't file a chapter 13 together as they are only domestic partners. One of the women has all of the credit card debt. But doesn't make much money. The other makes good money and won't qualify for 7, but will do the 13 to reorganize the house payment.
My question is for the woman who is filing the chapter 7 ahead of her partner, should she reaffirm the mortgage? How should she handle that in her Chapter 7" Reaffirm, Surrender? She can't redeem because she doesn't have the money.
The one who is filing the Chapter 13 doesn't need to file right yet and she is still working with their lender to get a loan modification.What say all of you?-- R. Grace Rodriguez, Esq.
OFF: (818) 734-7223CEL: (323) 304-5496NO EX-PARTE NOTICE VIA VOICE MAIL OR EMAIL: I do not accept e-mail notice for ex parte Applications via voicemail or by email. You must comply with California Law and give notice to a person in my office during regular business hours.
CONFIDENTIALITY STATEMENT: This message contains privileged and confidential information and is intended only for the individual named. If you are not the intended recipient you should not disseminate, distribute, store, print, copy or deliver this message. Please notify the sender immediately by e-mail if you have received this e-mail by mistake and delete this e-mail from your system.
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