Underwriters asking for "order for abandonment" when lender already
Posted: Thu Mar 24, 2011 1:27 pm
I have had calls from debtors who are doing short sales where an underwriter
is insisting on having an "order for abandonment" when the lender already
obtained relief from stay to foreclose. Doesn't the relief from stay order
(where the trustee has an opportunity to oppose but does not) effectively
"abandon" the property and take it out of the estate? Am I missing
something? Do you also need an "order for abandonment" in order for the
debtor to sell the property?
Holly Roark
holly@roarklawoffices.com
www.roarklawoffices.com
Central District of California
Consumer Bankruptcy Attorney
1875 Century Park East, Suite 600
Los Angeles, CA 90067
T (310) 553-2600
F (310) 553-2601
I have had calls from debtors who are doing short sales where an underwriter is insisting on having an "order for abandonment" when the lender already obtained relief from stay to foreclose. Doesn't the relief from stay order (where the trustee has an opportunity to oppose but does not) effectively "abandon" the property and take it out of the estate? Am I missing something? Do you also need an "order for abandonment" in order for the debtor to sell the property?
-- Holly Roark
holly@roarklawoffices.com
www.roarklawoffices.com
Central District of California
Consumer Bankruptcy Attorney
1875 Century Park East, Suite 600
Los Angeles, CA 90067
T (310) 553-2600
F (310) 553-2601
The post was migrated from Yahoo.