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Partial Cramdown of the 2nd mortgage
Depends. Some judges look at original purchase. If debtor bought the property as a residence, some judges rule it is always a residence, and cannot be modified. Some look at the use as of filing date. Some look at the terms of the note and deed of trust.
D
Sent from my iPho
On Nov 20, 2010, at 7:05 PM, Paul Horn wrote:
Facts: this is a rental property
1st mortgage 230k
2nd morgage 250k
Fair Market Value is 270k
Question: Because the 1st mortgage is 230k and the value is 270k, I cannot eliminate the entire 2nd mortgage of 250k. Can I "partially" cramdown the 2nd mortgage from 250k to 40k?
Thanks
Paul Horn
Attorney at Law
Certified Public Accountant
1045 E. Valley Blvd., Suite A215
San Gabriel, CA 91770
626-695-7310
Depends. Some judges look at original purchase. If debtor bought the property as a residence, some judges rule it is always a residence, and cannot be modified. Some look at the use as of filing date. Some look at the terms of the note and deed of trust.DSent from my iPhoOn Nov 20, 2010, at 7:05 PM, Paul Horn <attorneypaul2000@yahoo.com> wrote:
Facts: this is a rental property 1st mortgage p; 250kFair Market Value is 270k Question: Because the 1st mortgage is 230k and the value is 270k, I cannot eliminate the entire 2nd mortgage of 250k. Can I "partially" cramdown the 2nd mortgage from 250k to 40k?
Thanks Paul HornAttorney at LawCertified Public Accountant1045 E. Valley Blvd., Suite A215San Gabriel, CA 91770626-695-7310
The post was migrated from Yahoo.
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Yes, but the $40,000 must be paid off during the life of the plan.
- John D. Faucher
On 11/20/10 7:05 PM, "Paul Horn" wrote:
>
>
>
>
>
> Facts: this is a rental property
>
> 1st mortgage = 230k
> 2nd morgage = 250k
> Fair Market Value is = 270k
>
> Question: Because the 1st mortgage is 230k and the value is 270k, I cannot
> eliminate the entire 2nd mortgage of 250k. Can I "partially" cramdown the 2nd
> mortgage from 250k to 40k?
>
>
> Thanks
>
> Paul Horn
> Attorney at Law
> Certified Public Accountant
> 1045 E. Valley Blvd., Suite A215
> San Gabriel, CA 91770
> 626-695-7310
>
>
>
>
>
>
>>> - John D. Faucher
charset="US-ASCII"
Re: [cdcbaa] Partial Cramdown of the 2nd mortgage
Yes, but the $40,000 must be paid off during the life of the plan.
- John D. Faucher
On 11/20/10 7:05 PM, "Paul Horn" <attorneypaul2000@yahoo.com> wrote:
Facts: this is a rental property
1st mortgage 2nd morgage 250k
Fair Market Value is 270k
Question: Because the 1st mortgage is 230k and the value is 270k, I cannot eliminate the entire 2nd mortgage of 250k. Can I "partially" cramdown the 2nd mortgage from 250k to 40k?
Thanks
Paul Horn
Attorney at Law
Certified Public Accountant
1045 E. Valley Blvd., Suite A215
San Gabriel, CA 91770
626-695-7310
- John D. Faucher
The post was migrated from Yahoo.
Facts: this is a rental property
1st mortgage 230k
2nd morgage 250k
Fair Market Value is 270k
Question: Because the 1st mortgage is 230k and the value is 270k,I
cannoteliminate the entire 2nd mortgage of 250k. Can I "partially" cramdown the
2nd mortgage from 250k to 40k?
Thanks
Attorney at Law
Certified Public Accountant
1045 E. Valley Blvd., Suite A215
San Gabriel, CA 91770
626-695-7310
Facts: this is a rental property 1st mortgage p; 250kFair Market Value is 270k Question: Because the 1st mortgage is 230k and the value is 270k, I cannot eliminate the entire 2nd mortgage of 250k. Can I "partially" cramdown the 2nd mortgage from 250k to 40k?
Thanks Paul HornAttorney at LawCertified Public Accountant1045 E. Valley Blvd., Suite A215San Gabriel, CA 91770626-695-7310
The post was migrated from Yahoo.