Central District Consumer Bankruptcy Attorney's Association

charset="windows-1251"
It's not a stay, but they are bound by the terms of the Plan. If they
violate the Plan, the Court can and will take corrective action.
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.
higginbothamlaw@aol.com
Sent: Friday, March 05, 2010 10:14 AM
To: cdcbaa@yahoogroups.com
Subject: Re: [cdcbaa] The stay in a 2nd filing and Section 1327
This issue came up yesterday in Judge Carroll's courtroom:
Simpl Fact Pattern: 2nd Ch13 filing. Motion to Continue the Stay filed.
The Court granted it but only up to the cf hrg. Case was confirmed at the
cf hrg. Since the automatic stay was continued only to the cf hrg
(yesterday), does the confirmation of the plan impose a new stay?
1327 states that "the provisions of a confirmed plan bind the
debtor
and the each creditor, whether or not the claimof such creditor
is
provided for by the plan, and whether or not such creditor has objected to, has accepted, or has rejected the plan."
Is this the same as re-impose the stay by confirmation?? What say yee of my
learned colleagues??
KEITH ALAN HIGGINBOTHAM
Pedro Mayser, Office Manager
THE LAW OFFICES OF KEITH ALAN HIGGINBOTHAM
255 S. Grand Avenue, Suite #2109
Los Angeles, CA 90012-3045
Phone: 213.620.0176
Facsimile: 213.613.1200
HigginbothamLaw@aol.com
To: cdcbaa@yahoogroups.com
Sent: Thu, Mar 4, 2010 2:12 pm
Subject: Re: [cdcbaa] Elderly couple defrauded by mortgage broker need help
So, the broker refinanced their property and then obtained an annuity with
the proceeds of the refinance?
Turn to the Department of Insurance to unwind the annuity on a recission:
www.insurance. ca.gov File a consumer
complaint.
They can possibly unwind the refinance, but that's beyond my knowledge.
Start with the Department of Real Estate and file a complaint against the
broker, albeit a deceased broker.
Litton is inept to say the least from my experience with them and they've
refused a loan mod on a chapter 13 I'm in the middle of.
Good Luck.
Christine
On Thu, Mar 4, 2010 at 12:29 PM, dbcommons wrote:
Couple in their 80's had a reverse mortgage on their home (which had a lot
of equity) which, together with $2100/month in SSI, left them comfortable.
Mortgage broker/investment counselor in 2007 recommended they refinance
their home, take out $400k+ from equity and invest in annuities with a 9%
return. Broker falsified mortgage app to show $14000/month income (which
they, of course, signed). Got refi for $850k at present interest rate of
6.875%. Loan is in favor of MERS, apparently as nominee for Avelo (never
heard of them) and serviced by Litton. Invested extra $ in Medical Capital
("MedCap") annuity program supposedly overseen by Wells Fargo and Mellon
(I'm not clear of the relationship between Wells, Mellon and MedCap, but the
supposed oversight was apparently viewed as a significant component of the
investment, and $ passed through WF [maybe WF would like to refi loan in
order to avoid liability???]). MedCap went bust, broker/investment counselor
died (sons took over business), Litton refuses to even discuss a loan
modification, and couple cannot afford to keep up with $5,000 monthly
payments on their SSI income. More than 3 years since loan taken out. No
other debts. Obviously, bankruptcy can provide only a temporary delay. They
need help beyond what I can offer. Anyone out there interested or have
suggestions on where to turn?
Thanks, David Commons
Law Offices of David B. Commons
5901 Encina Road, Suite B-3
Goleta, CA 93117-2271
Tel (805) 967-1222 ::: Fax (805) 967-1220
http://www.consider
ingbankruptcy.com
Christine A. Wilton
Principal Attorney
Greifendorff Law Offices
4067 Hardwick Street, #319
Lakewood, CA 90712
Toll Free: 877-207-6013
Cell: 562-824-7563
Fax: 562-804-4028
Email: attorneychristine@ gmail.com
Web: www.attorneychristi ne.com
Blog: www.losangelesbankr
uptcylawmonitor.com
***************************
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and are solely for the use of the addressee. It may contain material which
is legally privileged. If you are not the addressee or the person
responsible for delivering to the addressee, be advised that you have
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Message
It's not a stay, but they
are bound by the terms of the Plan. If they violate the Plan, the Court
can and will take corrective action.


David A.
Tilem
Certified Bankruptcy
Specialist*
The post was migrated from Yahoo.

Theproperty re-vested in the debtor at plan confirmation pursuant toween the debtor and the creditor as to repayment of the arrears. Breachof that contractwould be remedied through a motion to dismiss the case.
Law Office of Peter M. Lively * Personal Financial Law Center I
11268 Washington Blvd, Suite 203, Culver City, CA 90230-4647
Telephone: (310)391-2400 * (800)307-3328 * Fax: (310)391-2462
A-Bankruptcy-Attorney.com
Personal Financial Law Center II
1706-B Newport Boulevard, Costa Mesa, CA 92627-3073
Telephone: (949)650-3328
THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO WHICH IT IS ADDRESSED, AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL AND EXEMPT FROM DISCLOSURE UNDER APPLICABLE LAW. IF THE READER OF THIS MESSAGE IS NOT THE INTENDED RECIPIENT, OR THE EMPLOYEE OR AGENT RESPONSIBLE FOR DELIVERING THE MESSAGE TO THE INTENDED RECIPIENT, YOU ARE HEREBY NOTIFIED THAT ANY DISSEMINATION, DISTRIBUTION OR COPYING OF THIS COMMUNICATION IS STRICTLY PROHIBITED. IF YOU HAVE RECEIVED THIS COMMUNICATION IN ERROR, PLEASE NOTIFY US IMMEDIATELY BY E-MAIL OR BY TELEPHONE. THANK YOU.
________________________________
To: cdcbaa@yahoogroups.com
Sent: Fri, March 5, 2010 10:14:19 AM
Subject: Re: [cdcbaa] The stay in a 2nd filing and Section 1327
This issue came up yesterday in Judge Carroll's courtroom:
Simpl Fact Pattern: 2nd Ch13 filing. Motion to Continue the Stay filed. The Court granted it but only up to the cf hrg. Case was confirmed at the cf hrg. Since the automatic stay was continued only to the cf hrg (yesterday), does the confirmation of the plan impose a new stay?
27 states that "the provisions of a confirmed plan bind the debtor
ovided for by the plan, and whether or not such creditor has
ected to, has accepted, or has rejected the plan."
Is this the same as re-impose the stay by confirmation? ? What say yee of my learned colleagues??
KEITH ALAN HIGGINBOTHAM
Pedro Mayser, Office Manager
THE LAW OFFICES OF KEITH ALAN HIGGINBOTHAM
255 S. Grand Avenue, Suite #2109
Los Angeles, CA 90012-3045
Phone: 213.620.0176
Facsimile: 213.613.1200
HigginbothamLaw@ aol.com
To: cdcbaa@yahoogroups. com
Sent: Thu, Mar 4, 2010 2:12 pm
Subject: Re: [cdcbaa] Elderly couple defrauded by mortgage broker need help
So, the broker refinanced their property and then obtained an annuity with the proceeds of the refinance?
Turn to the Department of Insurance to unwind the annuity on a recission:
They can possibly unwind the refinance, but that's beyond my knowledge.he broker, albeit a deceased broker.
Litton is inept to say the least from my experience with them and they've refused a loan mod on a chapter 13 I'm in the middle of.
Good Luck.
Christine
On Thu, Mar 4, 2010 at 12:29 PM, dbcommons wrote:
>Couple in their 80's had a reverse mortgage on their home (which had a lot of equity) which, together with $2100/month in SSI, left them comfortable. Mortgage broker/investment counselor in 2007 recommended they refinance their home, take out $400k+ from equity and invest in annuities with a 9% return. Broker falsified mortgage app to show $14000/month income (which they, of course, signed). Got refi for $850k at present interest rate of 6.875%. Loan is in favor of MERS, apparently as nominee for Avelo (never heard of them) and serviced by Litton. Invested extra $ in Medical Capital ("MedCap") annuity program supposedly overseen by Wells Fargo and Mellon (I'm not clear of the relationship between Wells, Mellon and MedCap, but the supposed oversight was apparently viewed as a significant component of the investment, and $ passed through WF [maybe WF would like to refi loan in order to avoid liability??? ]). MedCap went bust, broker/investment counselor
died (sons took over business), Litton refuses to even discuss a loan modification, and couple cannot afford to keep up with $5,000 monthly payments on their SSI income. More than 3 years since loan taken out. No other debts. Obviously, bankruptcy can provide only a temporary delay. They need help beyond what I can offer. Anyone out there interested or have suggestions on where to turn?
>
>Thanks, David Commons
>
>Law Offices of David B. Commons
>5901 Encina Road, Suite B-3
>Goleta, CA 93117-2271
>
>Tel (805) 967-1222 ::: Fax (805) 967-1220
>
>http://www.consider ingbankruptcy. com
>
>
Christine A. Wilton
Principal Attorney
Greifendorff Law Offices
4067 Hardwick Street, #319
Lakewood, CA 90712
Toll Free: 877-207-6013
Cell: 562-824-7563
Fax: 562-804-4028
Email: attorneychristine@ gmail.com
Web: www.attorneychristi ne.com
Blog: www.losangelesbankr uptcylawmonitor. com
************ ********* ******
This e-mail and any files transmitted with it are private and confidential and are solely for the use of the addressee. It may contain material which is legally privileged. If you are not the addressee or the person responsible for delivering to the addressee, be advised that you have received this e-mail in error and that any use of it is strictly prohibited.
The property re-vested in the debtor at plan confirmation pursuant to 1327(c). The confirmed plan is a binding contract between the debtor and the creditor as to repayment of the arrears. Breach of that contract would be remedied through a motion to dismiss the case. Peter M. Lively, JD/MBALaw Office of Peter M. Lively * Personal Financial Law Center I11268 Washington Blvd, Suite 203, Culver City, CA 90230-4647Telephone: (310)391-2400 * (800)307-3328 * Fax: (310)391-2462 A-Bankruptcy-Attorney.com
Personal Financial Law Center II1706-B Newport Boulevard, Costa Mesa, CA 92627-3073Telephone: (949)650-3328
THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE INDIVIDUAL OR ENTITY TO WHICH IT IS ADDRESSED, AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED, CONFIDENTIAL AND EXEMPT FROM DISCLOSURE UNDER APPLICABLE LAW. IF THE READER OF THIS MESSAGE IS NOT THE INTENDED RECIPIENT, OR THE EMPLOYEE OR AGENT RESPONSIBLE FOR DELIVERING THE MESSAGE TO THE INTENDED RECIPIENT, YOU ARE HEREBY NOTIFIED THAT ANY DISSEMINATION, DISTRIBUTION OR COPYING OF THIS COMMUNICATION IS STRICTLY PROHIBITED. IF YOU HAVE RECEIVED THIS COMMUNICATION IN ERROR, PLEASE NOTIFY US IMMEDIATELY BY E-MAIL OR BY TELEPHONE. THANK YOU.
From: "higginbothamlaw@aol.com" <higginbothamlaw@aol.com>To: cdcbaa@yahoogroups.comSent: Fri, March 5, 2010 10:14:19 AMSubject: Re: [cdcbaa] The stay in a 2nd filing and Section 1327
This issue came up yesterday in Judge Carroll's courtroom:

Simpl Fact Pattern: 2nd Ch13 filing. Motion to Continue the Stay filed. The Court granted it but only up to the cf hrg. Case was confirmed at the cf hrg. Since the automatic stay was continued only to the cf hrg (yesterday), does the confirmation of the plan impose a new stay?


The post was migrated from Yahoo.

These are the stories that really perturb me. It is not quite as bad
as one of the foreign lottery swindles aimed at the elderly, but this
situation is pretty close. I gather from the post that the annuity is
now completely worthless. This is by far worse than the usual abuse of
the elderly by unscrupulous financial advisors if the annuity is now
worthless. Annuities are the highest commission generators for the
financial advisors (typically 10% and sometimes more for annuities)
and usually a poor investment for the investor, but usually not this
rotten. In the situation you post the issuer was not solid financially
at all yet the financial advisor put all the elderly couples eggs
in one basket, sold them a bill of goods that it was somehow protected
by Wells Fargo and Mellon, and then milked them for commissions on the
refinance and the annuity. Even though the advisor is dead there may
still be causes of action against his company and/or his estate
(depending on if he died less than one year ago and status of any
probate estate) based upon fraud/financial elder abuse/breach of
contract/unjust enrichment or even malpractice all depending on date
of discovery fraud. Where they mentally competent to even enter into
the transaction at the time? Sounds like the couple, if mentally
competent, should consult with a securities and/or real estate
attorney about pursuing those claims. There may even be a fraud
victims claim they may be able to file with the California Deparatment
of Real Estate. If the claim is viable and they do not have resources
to pursue it and no attorney will take on contingency, perhaps a
Chapter 7 Trustee would pursue it.
Annuities are bad enough in most circumstances but nothing irks me
more than financial advisors selling long term annuities with heavy
early withdrawal penalties to the elderly. 99.9 % of the time the
elderly person has no understanding of the product the slick huckster
financial advisor is selling. It is all about the best interests of
the financial advisor rather than those of the investor.
In the situation posted it was probably only 9% for the first year,
then much smaller amounts in future years. That is terrible even when
the annuity issuer is legitimate and not a purveyor of a ponzi scheme.
Typically in the end the elderly "investor" has no access to their
money when they need it most without an outrageous early withdrawal
penalty. The elderly couple in your post do not even have it that
good!
Mark T. Jessee
Law Offices of Mark T. Jessee
"A Debt Relief Agency"
50 W. Hillcrest Drive, Suite 200
Thousand Oaks, CA 91360
(805) 497-5868
On Thu 4/03/10 12:29 PM , "dbcommons" david@commonsnet.com sent:
Couple in their 80's had a reverse mortgage on their home (which had
a lot of equity) which, together with $2100/month in SSI, left them
comfortable. Mortgage broker/investment counselor in 2007 recommended
they refinance their home, take out $400k+ from equity and invest in
annuities with a 9% return. Broker falsified mortgage app to show
$14000/month income (which they, of course, signed). Got refi for
$850k at present interest rate of 6.875%. Loan is in favor of MERS,
apparently as nominee for Avelo (never heard of them) and serviced by
Litton. Invested extra $ in Medical Capital ("MedCap") annuity program
supposedly overseen by Wells Fargo and Mellon (I'm not clear of the
relationship between Wells, Mellon and MedCap, but the supposed
oversight was apparently viewed as a significant component of the
investment, and $ passed through WF [maybe WF would like to refi loan
in order to avoid liability??? ]). MedCap went bust, broker/investment
counselor died (sons took over business), Litton refuses to even
discuss a loan modification, and couple cannot afford to keep up with
$5,000 monthly payments on their SSI income. More than 3 years since
loan taken out. No other debts. Obviously, bankruptcy can provide only
a temporary delay. They need help beyond what I can offer. Anyone out
there interested or have suggestions on where to turn?
Thanks, David Commons
Law Offices of David B. Commons
5901 Encina Road, Suite B-3
Goleta, CA 93117-2271
Tel (805) 967-1222 ::: Fax (805) 967-1220
http://www.consideringbankruptcy.com [1]
Links:
[1] http://www.consideringbankruptcy.com
[2] mailto:cdcbaa@yahoogroups.com?subjectElderly couple defrauded by
mortgage broker need help
[3]

The post was migrated from Yahoo.

So, the broker refinanced their property and then obtained an annuity with
the proceeds of the refinance?
Turn to the Department of Insurance to unwind the annuity on a recission:
www.insurance.ca.gov File a consumer complaint.
They can possibly unwind the refinance, but that's beyond my knowledge.
Start with the Department of Real Estate and file a complaint against the
broker, albeit a deceased broker.
Litton is inept to say the least from my experience with them and they've
refused a loan mod on a chapter 13 I'm in the middle of.
Good Luck.
Christine
On Thu, Mar 4, 2010 at 12:29 PM, dbcommons wrote:
>
>
> Couple in their 80's had a reverse mortgage on their home (which had a lot
> of equity) which, together with $2100/month in SSI, left them comfortable.
> Mortgage broker/investment counselor in 2007 recommended they refinance
> their home, take out $400k+ from equity and invest in annuities with a 9%
> return. Broker falsified mortgage app to show $14000/month income (which
> they, of course, signed). Got refi for $850k at present interest rate of
> 6.875%. Loan is in favor of MERS, apparently as nominee for Avelo (never
> heard of them) and serviced by Litton. Invested extra $ in Medical Capital
> ("MedCap") annuity program supposedly overseen by Wells Fargo and Mellon
> (I'm not clear of the relationship between Wells, Mellon and MedCap, but the
> supposed oversight was apparently viewed as a significant component of the
> investment, and $ passed through WF [maybe WF would like to refi loan in
> order to avoid liability???]). MedCap went bust, broker/investment counselor
> died (sons took over business), Litton refuses to even discuss a loan
> modification, and couple cannot afford to keep up with $5,000 monthly
> payments on their SSI income. More than 3 years since loan taken out. No
> other debts. Obviously, bankruptcy can provide only a temporary delay. They
> need help beyond what I can offer. Anyone out there interested or have
> suggestions on where to turn?
>
> Thanks, David Commons
>
> Law Offices of David B. Commons
> 5901 Encina Road, Suite B-3
> Goleta, CA 93117-2271
>
> Tel (805) 967-1222 ::: Fax (805) 967-1220
>
> http://www.consideringbankruptcy.com
>
>
>
Christine A. Wilton
Principal Attorney
Greifendorff Law Offices
4067 Hardwick Street, #319
Lakewood, CA 90712
Toll Free: 877-207-6013
Cell: 562-824-7563
Fax: 562-804-4028
Email: attorneychristine@gmail.com
Web: www.attorneychristine.com
Blog: www.losangelesbankruptcylawmonitor.com
***************************
This e-mail and any files transmitted with it are private and confidential
and are solely for the use of the addressee. It may contain material which
is legally privileged. If you are not the addressee or the person
responsible for delivering to the addressee, be advised that you have
received this e-mail in error and that any use of it is strictly prohibited.
So, the broker refinanced their property and then obtained an annuity with the proceeds of the refinance?
Turn to the Department of Insurance to unwind the annuity on a recission: www.insurance.ca.gov File a consumer complaint.
They can possibly unwind the refinance, but that's beyond my knowledge. Start with the Department of Real Estate and file a complaint against the broker, albeit a deceased broker.
Litton is inept to say the least from my experience with them and they
The post was migrated from Yahoo.

Couple in their 80's had a reverse mortgage on their home (which had a lot of equity) which, together with $2100/month in SSI, left them comfortable. Mortgage broker/investment counselor in 2007 recommended they refinance their home, take out $400k+ from equity and invest in annuities with a 9% return. Broker falsified mortgage app to show $14000/month income (which they, of course, signed). Got refi for $850k at present interest rate of 6.875%. Loan is in favor of MERS, apparently as nominee for Avelo (never heard of them) and serviced by Litton. Invested extra $ in Medical Capital ("MedCap") annuity program supposedly overseen by Wells Fargo and Mellon (I'm not clear of the relationship between Wells, Mellon and MedCap, but the supposed oversight was apparently viewed as a significant component of the investment, and $ passed through WF [maybe WF would like to refi loan in order to avoid liability???]). MedCap went bust, broker/investment counselor died (sons took over business), Litton refuses to even discuss a loan modification, and couple cannot afford to keep up with $5,000 monthly payments on their SSI income. More than 3 years since loan taken out. No other debts. Obviously, bankruptcy can provide only a temporary delay. They need help beyond what I can offer. Anyone out there interested or have suggestions on where to turn?
Thanks, David Commons
Law Offices of David B. Commons
5901 Encina Road, Suite B-3
Goleta, CA 93117-2271
Tel (805) 967-1222 ::: Fax (805) 967-1220
http://www.consideringbankruptcy.com

The post was migrated from Yahoo.