What to do with a wrap around note
Posted: Tue Jan 26, 2010 8:25 am
Why Schedule G? How about Schedules B, F, I, J and SOFA for "other income"
and possibly even Schedule A since Deed of Trust gives "interest" in real
property or "C" if you have wildcard to exempt it. Value is net present
value of income stream of $700/month for anticipated term.
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.
Larry Webb
Sent: Monday, January 25, 2010 8:51 AM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] What to do with a wrap around note
Importance: Low
Client is the assignee of a wraparound note, principal $180,000-subordinate
to a lien of $162,000 against real property is in Texas. Client realizes
about $700/mo net. The note is dated March 2009.
The note goes on schedule G, right? Do I establish the present value of
the wraparound or just use the present equity?
Thanks for any thoughts.
Larry Webb
email Larry@Webbklaw.com
Law Office of Larry Webb
484 Mobil Ave. Suite 43
Camarillo California 93010
805 987 1400
Fax 805 987 2866
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Message
Why Schedule G? How
about Schedules B, F, I, J and SOFA for "other income" and possibly even
Schedule A since Deed of Trust gives "interest" in real property or "C" if you
have wildcard to exempt it. Value is net present value of income stream of
$700/month for anticipated term.
David A.
Tilem
Certified Bankruptcy
Specialist*
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