Elderly couple defrauded by mortgage broker need help=
Posted: Fri Mar 05, 2010 12:33 pm
Confo new binding k. No stay necessary.
Dennis McGoldrick
350 S. Crenshaw Bl., #A207B
Torrance, CA 90503
On Mar 5, 2010, at 10:14 AM, higginbothamlaw@aol.com wrote:
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.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
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Confo new binding k. No stay necessary.Dennis McGoldrick350 S. Crenshaw Bl., #A207BTorrance, CA 90503On Mar 5, 2010, at 10:14 AM, higginbothamlaw@aol.com wrote:
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.