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Legal vs. Equitable Title
Posted: Mon Jan 11, 2010 8:35 pm
by Yahoo Bot
Also beware of the legal title holder taking tax deductions for real estate taxes and mortgage interest.
M. Erik Clark
Borowitz & Clark, LLP
100 N. Barranca Avenue, Suite 250
West Covina, CA 91791
www.BLClaw.com
Office: (626) 332-8600
Fax: (626) 332-8644
Board Certified in Consumer Bankruptcy
American Board of Certification
________________________________
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Legal vs. Equitable Title
Posted: Thu Jan 07, 2010 6:31 pm
by Yahoo Bot
It depends on the trustee. Calculate into your fee having to prove that
up, and put a strong caveat in the retainer letter that client's friend
could lose property if adverse ruling and that you have no duty to
friend either.
Disclose as bare legal title on A, and put it in the SoFA "Property Held
for Another".
Steve
Long Beach
sblever@leverlaw.com
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Legal vs. Equitable Title
Posted: Thu Jan 07, 2010 4:58 pm
by Yahoo Bot
Client who desires to file under Chapter 7 executed loan agreement and is title holder to property. Friend is equitable owner who made the down payment, monthly payments, insurance and all other payments related to the property. There is significant equity. From your experience, how aggressive have the trustee's been in this situation. Is a showing of payments sufficient? Thank you for any insight you may have. Simon.
Simon J. Dunstan
HUGHES & DUNSTAN, LLP
Suite 1960
21650 Oxnard Street
Woodland Hills, California 91367
T. (818) 715-9558
F. (818) 715-9559
The post was migrated from Yahoo.