Modifying Rights of Lender on Investment Property in 13
Posted: Mon Nov 08, 2010 11:41 pm
This issue came up before, and there were posts with detailed explanations that a cramdown of a secured creditor on nonresidential real property must be paid in equal installments over the duration of the plan. Also, you have an issue of the use of cash collateral.
Lou Esbin
>
> Isn't there also a requirement that this very advantageous treatment
> of the secured debt did not burden the estate, i.e.
>
> 1. that the income from the property paid the portion of the plan
> payment attributed to the property (in this case approx
> 2K/mo(120K/60mo)) or
>
> 2. that the funds came from outside the estate?
>
> On 9/9/10, Dennis wrote:
> > Guys and gals:
> >
> > Listen to David. If and only if not debtor's residence, in ch 13, divide
> > debt by max term (60 months) and add market interest PLUS a till factor.
> >
> > Dennis
> >
> > Sent from my iPhone
> >
> > On Sep 9, 2010, at 6:24 PM, "David A. Tilem"
> > wrote:
> >
> > don't forget that they would also be entitled to interest.
> >
> >
> >
> > 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.
> > Business bankruptcy specialist cert. by Amer. Bd. of Certification
> >
> >
> > -----Original Message-----
Of
> > James T. King
> > Sent: Thursday, September 09, 2010 5:10 PM
> > To: cdcbaa@yahoogroups.com
> > Subject: RE: [cdcbaa] Modifying Rights of Lender on Investment Property in
> > 13
> >
> >
> > Sure. $120k divided by 60 months.
> >
> >
Of
> > Donny Brand
> > Sent: Thursday, September 09, 2010 5:04 PM
> > To: cdcbaa@yahoogroups.com
> > Subject: [cdcbaa] Modifying Rights of Lender on Investment Property in 13
> >
> >
> >
> >
> > Hello,
> >
> >
> > FMV of Real Property (Investment): 170K
> >
> > Deed of Trust: 120K
> >
> >
> > The 120k is a balloon payment that is now due and owing in full. Private
> > lender has filed an NOD and does not want to negotiate a payment plan.
> >
> >
> > Is there any mechanism in a chapter 13 by which the debtor can pay the 120k
> > inside the plan over a 60 month period?
> >
> >
> >
> >
> >
> >
> >
> > Brand | Burris
> >
> > 3836 E. Anaheim St.
> >
> > Long Beach, CA 90804
> >
> > 562-438-7500
> >
> > 888-99-BKRPT (888-992-5778)
> >
> > www.brandburris.com
> >
> >
> > --------------------
> >
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> >
> >
> >
> >
> >
> >
> >
>
>
> --
> Alik Segal
> Alik.Segal@...
> 310-362-6157
> Cal. CD, Los Angeles
>
The post was migrated from Yahoo.