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Question re surcharge of Debtor's homestead exemption
Answer:
Depends on the deal you make with the trustee. Most of the time the trustee
wants the debtor to stay in the house and cooperate with the selling agent.this happens, the house stays in lived-in condition, and the house sells for
substantially more than it would normally bring in abandoned condition (live
lawn, clean flower beds vs. dead lawn and weeds everywhere). This normally more
than offsets for the lack of payments by the debtor.
So, I usually ask the trustee if he wants the debtor to continue living inthe property and keep it up so the trustee gets a better price, or wants the
debtor out. The trustee will tell you.
dennis
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Chapter 7 Trustee is selling Debtor's real property. Property has plenty of
equity to pay off secured lender and then some. Debtor has no income and
cannont pay ongoing mortgage payments. Debtor is complying with trustee and
is not making any trouble. Can/will Trustee surcharge the Debtor's
homestead exemption for the "rent" for the period during which Debtor lived
in the property and did not make postpetition mortgage payments? Is there a
way to avoid this? It seems to me that the estate is benefiting by having
someone keep the place nice while it is being shown.
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
Chapter 7 Trustee is selling Debtor's real property.Property has plenty of equity to pay off secured lender and then some. Debtor has no income and cannont pay ongoing mortgage payments. Debtor is complying with trustee and is not making any trouble. Can/will Trustee surcharge the Debtor's homestead exemption for the "rent" for the period during whichDebtor lived in the property and did not make postpetition mortgage payments? Is there a way to avoid this? It seems to me that the estate is benefitingby having someone keep the place nice while it is being shown.
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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.