Chapter 13 debtor on loan but doesn't own house>=20
Posted: Thu Dec 31, 2009 9:06 am
charset="windows-1251"
Purchase money or refi? Recourse or non-recourse? If it is non-recourse,
then she has no personal liability. Schedule as F disputed. If recourse,
then yes, it gets paid as unsecured claim.
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.
Holly Roark
Sent: Wednesday, December 30, 2009 10:16 AM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Re: Chapter 13 debtor on loan but doesn't own house
It is a first mortgage for $600K on a principal residence. Debtor no longer
lives there and she deeded it to her husband per the divorce agreement. He
lives in the house.
Holly Roark
holly@roarklawoffic es.com
Tilem" wrote:
>
> Need more information.... Recourse loan? Try 502(e).
>
>
> 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.
> Business bankruptcy specialist cert. by Amer. Bd. of Certification
>
>
> -----Original Message-----
[mailto:cdcbaa@yahoogroups. com] On Behalf
Of
> Holly Roark
> Sent: Tuesday, December 29, 2009 1:37 PM
> To: cdcbaa@yahoogroups. com
> Subject: [cdcbaa] Chapter 13 debtor on loan but doesn't own house
>
>
>
>
> Debtor deeded house to ex-husband per the divorce agreement. Debtor is
still
> on loan (with ex-husband) and Debtor is filing a Chapter 13. She doesn't
> have any interest in the house and doesn't want it. Is the loan treated as
> an unsecured claim in her bankruptcy and will lender get paid pro rata
share
> like the credit cards? If it was a secured claim, she would just surrender
> the house, but she can't do that now because she no longer has an interest
> in the house.
>
> Ex-husband who lives in the house is not paying on the loan for the next
> five months because of some arrangement he got through the Obama Plan. Not
> sure if that is relevant or whether that affects the debtor at all. She
did
> not sign off on whatever deal it was he got.
>
> Holly Roark
> holly@roarklawoffic es.com
>
charset="windows-1251"
Message
Purchase money orrefi? Recourse or non-recourse? If it is non-recourse, then she has
no personal liability. Schedule as F disputed. If recourse, then
yes, it gets paid as unsecured claim.
David A.
Tilem
Certified Bankruptcy
Specialist*
The post was migrated from Yahoo.