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C13 Cram Down on Investment Property

Posted: Mon Nov 28, 2011 11:32 am
by Yahoo Bot

Yes, you can modify the first in the plan, but you must pay the $80,000
with interest if that's what its value is as of the date of the plan,
and it must be an interest rate that is acceptable to the bank or that
the case law says is reasonable. I wouldn't start anything without a
good appraisal.
Steven B. Lever

The post was migrated from Yahoo.

C13 Cram Down on Investment Property

Posted: Mon Nov 28, 2011 9:44 am
by Yahoo Bot

PC has rental property with FMV of about $80k. First is $90k; Second is $90k.
PC otherwise qualifies for C13 and wants to strip second and cram down the first. The rental income will pay the entire $80k in 60 months.
Can I modify the first in the plan? Do I need to have a determination of value by the court before hand?

The post was migrated from Yahoo.