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Co-Owners of Home one to file 7 other to file 13. . . how will that work : Statement of Intention.
If your client reaffirms they will not be eligible for many of the loan modification programs and will not be forgiven personally on the debt. Send out Notice of Validation and QWR to Indymac to start building the case.
Law Office of Catherine Christiansen
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Tel: (562) 361-8721
Fax: (562) 490-8572
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This is the ultimate in re Kimmel case. We don't know how this will play out, but community property becomes property of the estate. Community property is defined by state law. If the partner who is to file a 13 bk, files first, won't the estate have a codebtor stay? And when the 13 debtor gets a discharge, won't the discharge have an I re Kimmle effect? Maybe only need the one 13.
Dennis McGoldrick
350 S. Crenshaw Bl., #A207B
Torrance, CA 90503
On Apr 29, 2010, at 3:58 PM, R Grace Rodriguez wrote:
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 immediately by e-mail if you have received this e-mail by mistake and delete this e-mail from your system.
This is the ultimate in re Kimmel case. We don't know how this will play out, but community property becomes property of the estate. Community property is defined by state law. If the partner who is to file a 13 bk, files first, won't the estate have a codebtor stay? And when the 13 debtor gets a discharge, won't the discharge have an I re Kimmle effect? Maybe only need the one 13. Dennis McGoldrick350 S. Crenshaw Bl., #A207BTorrance, CA 90503On Apr 29, 2010, at 3:58 PM, R Grace Rodriguez <rgracelaw@gmail.com> wrote:
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) 734-7223CEL: (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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