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Underwriters asking for "order for abandonment" when lender alre...
In a message dated 3/24/2011 1:27:48 PM Pacific Daylight Time,
hollyroark22@gmail.com writes:
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_ (mailto:holly@roarklawoffices.com)
_www.roarklawoffices.com_ (http://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
Holly- relief from stay does not remove the property from the estate.
Some title companies are more picky than others on this issue. If there is a
report of no distribution that might suffice. Otherwise, you will have todo a motion, which is very simple. Some trustees will also stipulate to
abandonment.
Eric
Law Office of Eric Alan Mitnick
21515 Hawthorne Boulevard, Suite 1080
Torrance, CA 90503
(310) 792-5864; 792-5866 (fax)
MitnickLaw@aol.com
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In a message dated 3/24/2011 1:27:48 PM Pacific Daylight Time,
hollyroark22@gmail.com writes:
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
Holly- relief from stay does not remove the property from the
estate. Some title companies are more picky than others on this
issue. If there is a report of no distribution that might suffice.
Otherwise, you will have to do a motion, which is very simple. Some
trustees will also stipulate to abandonment.
Eric
Law Office
of Eric Alan Mitnick21515 Hawthorne Boulevard, Suite 1080Torrance,
CA 90503(310) 792-5864; 792-5866 (fax)MitnickLaw@aol.comAlthough
this email and any attachments are believed to be free of any virus or other
defect that might affect any computer system into which it is received andopened, it is the responsibility of the recipient to ensure that it is virus
free and no responsibility is accepted by the sender for any loss or damagearising in any way from its use. The information contained in
this email message and any attached files may be privileged, confidential and
protected from disclosure. If you are not the intended recipient, any
dissemination, distribution or copying is strictly prohibited. If you think that
you have received this email message in error, please notify the sender by reply
email, and delete the email message you received and all of the attached
files.
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