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Question on a ch 13 LAM
charset="windows-1251"
Dennis is correct, of course. Only the interest component of the arrearage
is added to the principal.
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.
Dennis McGoldrick
Sent: Sunday, February 07, 2010 7:38 PM
To: cdcbaa@yahoogroups.com
Subject: Re: [cdcbaa] Question on a ch 13 LAM
Amount in arrears is part interest and part principal. Only the interest
and charges raise the amount due. In close cases you have to be careful.
Dennis McGoldrick
350 S. Crenshaw Bl., #A207B
Torrance, CA 90503
On Feb 7, 2010, at 6:06 PM, "sofiya" wrote:
Hello everyone,
Question 1: First loan is for $420K; Second loan is for $140K. Debtor is
trying to avoid the second loan. The appraisal came in at $435K. The Debtor
has appx. $22K in arrears on the first loan. Does this amount get added to
the principal balance? If so, then the debtor should not have any problems
avoiding the second loan, correct?
Question 2: Can a debtor file a LAM in pro per?
Any advice is greatly appreciated!
Sofya
charset="windows-1251"
Message
Dennis is correct, of
course. Only the interest component of the arrearage is added to theprincipal.
David A.
Tilem
Certified Bankruptcy
Specialist*
The post was migrated from Yahoo.
charset="windows-1251"
Arrearage is added to the loan balance due. That should make the lien
avoidance work. Clients can always try to act pro per, but then they just
have to pay us that much more to "fix" the problem by undoing what they did
wrong and then doing it the correct way.
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.
sofiya
Sent: Sunday, February 07, 2010 6:06 PM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Question on a ch 13 LAM
Hello everyone,
Question 1: First loan is for $420K; Second loan is for $140K. Debtor is
trying to avoid the second loan. The appraisal came in at $435K. The Debtor
has appx. $22K in arrears on the first loan. Does this amount get added to
the principal balance? If so, then the debtor should not have any problems
avoiding the second loan, correct?
Question 2: Can a debtor file a LAM in pro per?
Any advice is greatly appreciated!
Sofya
charset="windows-1251"
Message
Arrearage is added to the
loan balance due. That should make the lien avoidance work. Clients
can always try to act pro per, but then they just have to pay us that much more
to "fix" the problem by undoing what they did wrong and then doing it the
correct way.
David A.
Tilem
Certified Bankruptcy
Specialist*
The post was migrated from Yahoo.
Thank you for the answer. One more question: I use BestCase software to prepare ch 13 petitions and when it comes to creating the plan, there is an "error" button which indicates a potential 109(e) issue. I've heard that different judges interpret this section differently. In your experience, how do Judges in Woodland Hills and in LA interpret this section. I've heard Judge Carroll say numerous times that the 109(e) issue is determined at the time of the filing. Here is the situation with a PC. PC has three loans against her principal residence totaling $606K.fore, there is an "undersecured portion" of $196K. PC also has $325K in unsecured debt ("F" debt). Summary of Schedules states $606K for secured claims and $325K for unsecured nonpriority claims. The errormessage that I get states "unsecured debt is over by $184,100. I know that the limit for unsecured
nonpriority debts is $336,900 and based on my research, the undersecured portion of the loans are counted toward this limit, but sometimes I see a different interpretation. I guess my question is "do the judges look at summary of schedules to determineif there is a 109(e) issueor is there some other formula"? Any advice is greatly appreciated!
Sofya
________________________________
To: "cdcbaa@yahoogroups.com"
Sent: Sun, February 7, 2010 7:38:10 PM
Subject: Re: [cdcbaa] Question on a ch 13 LAM
Amount in arrears is part interest and part principal. Only the interest and charges raise the amount due. In close cases you have to be careful.
Dennis McGoldrick
350 S. Crenshaw Bl., #A207B
Torrance, CA 90503
On Feb 7, 2010, at 6:06 PM, "sofiya" wrote:
>
>Hello everyone,
>
>Question 1: First loan is for $420K; Second loan is for $140K. Debtor is trying to avoid the second loan. The appraisal came in at $435K. The Debtor has appx. $22K in arrears on the first loan. Does this amount get added to the principal balance? If so, then the debtor should not have any problems avoiding the second loan, correct?
>
>Question 2: Can a debtor file a LAM in pro per?
>
>Any advice is greatly appreciated!
>
>Sofya
>
>
Thank you for the answer. One more question: I use BestCase software to prepare ch 13 petitions and when it comes to creating the plan, there is an "error" button which indicates a potential 109(e) issue. I've heard that different judges interpret this section differently. In your experience, how do Judges in Woodland Hills and in LA interpret this section. I've heard Judge Carroll say numerous times that the 109(e) issue is determined at the time of the filing. Here is the situation with a PC. PC has three loans against her principal residence totaling $606K. The first loan is $410K and the appraisal came in at $405K. Therefore, there is an "undersecured portion" of $196K. PC also has $325K in unsecured debt ("F" debt). Summary of
Schedules states $606K for secured claims and $325K for unsecured nonpriority claims. The error message that I get states "unsecured debt is over by $184,100. I know that the limit for unsecured nonpriority debts is $336,900 and based on my research, the undersecured portion of the loans are counted toward this limit, but sometimes I see a different interpretation. I guess my question is "do the judges look at summary of schedules to determine if there is a 109(e) issue or is there some other formula"? Any advice is greatly appreciated!
Sofya
From: Dennis McGoldrick <easky1@yahoo.com>To: "cdcbaa@yahoogroups.com" <cdcbaa@yahoogroups.com>Subject: Re: [cdcbaa] Question on a ch 13 LAM
Amount in arrears is part interest and part principal. Only the interest and charges raise the amount due. In close cases you have to be careful.Dennis McGoldrick
350 S. Crenshaw Bl., #A207B
Torrance, CA 90503
On Feb 7, 2010, at 6:06 PM, "sofiya" <s_dav2005@yahoo. com> wrote:
Hello everyone,Question 1: First loan is for $420K; Second loan is for $140K. Debtor is trying to avoid the second loan. The appraisal came in at $435K. The Debtor has appx. $22K in arrears on the first loan. Does this amount get added to the principal balance? If so, then the debtor should not have any problems avoiding the second loan, correct?Question 2: Can a debtor file a LAM in pro per?Any advice is greatly ap
The post was migrated from Yahoo.
Given the fact that appraisals are somewhat subjective, I would possibly get
a home inspection performed to see if there are any issues with the home
that would reduce its value, and then seek second opinion as to appraisal
value. I don't like to do LAM's unless I have at least 10 percent
undervalue cushion. Also make sure the appraiser is certified and
understands the purpose of the appraisal. Many appraisers are looking to
give the highest value possible to create an equity cushion. Make sure your
appraiser is not artificially over-valuing the property because he/she
doesn't understand the purpose of the appraisal.
Just my two cents and experience.
R. Grace Rodriguez
323-304-5496
On Sun, Feb 7, 2010 at 6:06 PM, sofiya wrote:
>
>
>
> Hello everyone,
>
> Question 1: First loan is for $420K; Second loan is for $140K. Debtor is
> trying to avoid the second loan. The appraisal came in at $435K. The Debtor
> has appx. $22K in arrears on the first loan. Does this amount get added to
> the principal balance? If so, then the debtor should not have any problems
> avoiding the second loan, correct?
>
> Question 2: Can a debtor file a LAM in pro per?
>
> Any advice is greatly appreciated!
>
> Sofya
>
>
>
R. Grace Rodriguez, Esq.
OFF: (818) 734-7223
CEL: (323) 304-5496
NO EX-PARTE NOTICE VIA VOICE MAIL OR EMAIL: I do not accept e-mail notice
for ex parte Applications via voicemail or by email. You must comply with
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CONFIDENTIALITY STATEMENT: This message contains privileged and
confidential information and is intended only for the individual named. If
you are not the intended recipient you should not disseminate, distribute,
store, print, copy or deliver this message. Please notify the sender
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Given the fact that appraisals are somewhat subjective, I would possibly get a home inspection performed to see if there are any issues with the home that would reduce its value, and then seek second opinion as to appraisal v
The post was migrated from Yahoo.
Amount in arrears is part interest and part principal. Only the interest and charges raise the amount due. In close cases you have to be careful.
Dennis McGoldrick
350 S. Crenshaw Bl., #A207B
Torrance, CA 90503
On Feb 7, 2010, at 6:06 PM, "sofiya" wrote:
Hello everyone,
Question 1: First loan is for $420K; Second loan is for $140K. Debtor is trying to avoid the second loan. The appraisal came in at $435K. The Debtor has appx. $22K in arrears on the first loan. Does this amount get added to the principal balance? If so, then the debtor should not have any problems avoiding the second loan, correct?
Question 2: Can a debtor file a LAM in pro per?
Any advice is greatly appreciated!
Sofya
Amount in arrears is part interest and part principal. Only the interest and charges raise the amount due. In close cases you have to be careful.Dennis McGoldrick350 S. Crenshaw Bl., #A207BTorrance, CA 90503On Feb 7, 2010, at 6:06 PM, "sofiya" <s_dav2005@yahoo.com> wrote:
Hello everyone,
Question 1: First loan is for $420K; Second loan is for $140K. Debtor is trying to avoid the second loan. The appraisal came in at $435K. The Debtor has appx. $22K in arrears on the first loan. Does this amount get added to the principal balance? If so, then the debtor should not have any problems avoiding the second loan, correct?
Question 2: Can a debtor file a LAM in pro per?
Any advice is greatly appreciated!
Sofya
The post was migrated from Yahoo.
Hello everyone,
Question 1: First loan is for $420K; Second loan is for $140K. Debtor is trying to avoid the second loan. The appraisal came in at $435K. The Debtor has appx. $22K in arrears on the first loan. Does this amount get added to the principal balance? If so, then the debtor should not have any problems avoiding the second loan, correct?
Question 2: Can a debtor file a LAM in pro per?
Any advice is greatly appreciated!
Sofya
The post was migrated from Yahoo.