Central District Consumer Bankruptcy Attorney's Association

X-eGroups-Edited-By: easky1
The antideficiency protections of CCP 580d apply to all deeds of trust foreclosed on at a nonjudicial foreclosure sale. The antideficiency protections of CCP 580b are limited to purchase money loans for owner-occupied property, 1-4 units.
James R. Selth
Weintraub & Selth, APC
12424 Wilshire Blvd., Suite 1120
Los Angeles, CA 90025
Telephone: (310) 207-1494
Facsimile: (310) 442-0660
E-Mail: jim@wsrlaw.net
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To: cdcbaa@yahoogroups.com
Sent: 3/22/2008 1:39PM
Subject: Re: [cdcbaa] Re: reaffirmation on real property
>> Why doesn't 580d apply to refinances. There is nothing in the statute that
>> limits it to purchase money transactions. It says any recorded deed where there
>> is a trust deed sale not a judicial foreclosure
>>
>>
>>
>>
>> Michael R. Totaro J.D., L.LM.
>> Totaro & Shanahan
>> P.O. Box 789
>> Pacific Palisades, CA 90272
>> 310 573 0276 (v) 310 496 1260 (f)
>>
>>
>>
>> **************Create a Home Theater Like the Pros. Watch the video on AOL
>> Home.
>> (http://home.aol.com/diy/home-improvemen ... cidlhom000
>> 30000000001)
>>
>>
The antideficiency protections of CCP 580d apply to all deeds of trust foreclosed on at a nonjudicial foreclosure sale. The antideficiency protections of CCP 580b are limited to purchase money loans for owner-occupied property, 1-4 units.

James R. Selth
Weintraub & Selth, APC
12424 Wilshire Blvd., Suite 1120
Los Angeles, CA 90025
Telephone: (310) 207-1494
Facsimile: (310) 442-0660
E-Mail: jim@wsrlaw.net


The post was migrated from Yahoo.

Why doesn't 580d apply to refinances. There is nothing in the statute that
limits it to purchase money transactions. It says any recorded deed where there
is a trust deed sale not a judicial foreclosure
Michael R. Totaro J.D., L.LM.
Totaro & Shanahan
P.O. Box 789
Pacific Palisades, CA 90272
310 573 0276 (v) 310 496 1260 (f)
**************Create a Home Theater Like the Pros. Watch the video on AOL
Home.

The post was migrated from Yahoo.

Just so you know, I've just negotiated reafs with Beneficial for my client 1st and 2nd TD's. They have lowered interest rates from 7.5% to 5% and 12.5 to 7.5% with only making a few calls.
Nate
Jon Hayes wrote: Civil Code Section 580(b) is the no deficiency statute. I don't
think it applies to refinance loans. I have a client with an HSBC
loan and HSBC offered to reduce the interest from 7. something to
6.0. It's a refi loan so I think there would be a right to
deficiency anyway. HFC has a small second on this home also. They
have called me ten times to see if my clients will reaffirm. I told
them to lower the interest rate and they wanted tons of info
including an explanation of why before they would consider lowering
the rate.

--- In cdcbaa@yahoogroups.com, "Mark JM" wrote:
>
> MessageTHat was exactly my thinking/concern. BUt if so, it would
happen even if they did a post-discharge modification instead of a
reaffirmation.
>
>
> ----- Original Message -----
> To: cdcbaa@yahoogroups.com
> Sent: Friday, March 21, 2008 11:08 AM
> Subject: RE: [cdcbaa] reaffirmation on real property
>
>
> reaffirmation may convert non-recourse to recourse debt. not
sure about that, but something to think about. Also, even if it
does, you may not care because judicial foreclosure on SFR is highly
unlikely. Again, just things to think about.
>
>
> 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-----
Behalf Of Mark JM
> Sent: Friday, March 21, 2008 10:07 AM
> To: cdcbaa@yahoogroups.com
> Subject: [cdcbaa] reaffirmation on real property
>
>
>
> Continuing the prior thread on this:
>
> A client of mine was just told by their mortgage lender (HSBC)
that if they want to do a modification of their loan ( to lower
payments, extend the loan term, etc.), they MUST do a reaffirmation
agreement. Under such circumstances, any reason why doing a
reaffirmation agreement would be a problem? I'm not sure why they
can't just enter into a new loan agreement post-bankruptcy, but I
suppose a reaffirmation accomplishes the same thing.
>
> Anyone have clients do this?
>
> ______________________
> Mark J. Markus
> Law Office of Mark J. Markus
> 11684 Ventura Blvd. PMB #403
> Studio City, CA 91604-2652
> (818)509-1173 (818)509-1460 (fax)
> web: http://www.bklaw.com/
> This Firm is a Qualified Federal Debt Relief Agency
> ___________
> NOTICE: This Electronic Message contains information from the law
office of Mark J. Markus that may be privileged. The information is
intended for the use of the addressee only. If you are not the
addressee, note that any disclosure, copy, distribution or use of the
contents of this message is prohibited.
> IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements
imposed by the IRS, we inform you that any U.S. tax advice contained
in this communication (or in any attachment) is not intended or
written to be used, and cannot be used, for the purpose of (i)
avoiding penalties under the Internal Revenue Code or (ii)
promoting, marketing or recommending to another party any
transaction or matter addressed in this communication (or in any
attachment).
>
Looking for last minute shopping deals? Find them fast with Yahoo! Search.
Just so you know, I've just negotiated reafs with Beneficial for my client 1st and 2nd TD's. They have lowered interest rates from 7.5% to 5% and 12.5 to 7.5% with only making a few calls.NateJon Hayes <Jhayes@polarisnet.net> wrote: Civil Code Section 580(b) is the no deficiency statute. I don't think it applies to refinance loans. I have a client with an HSBC loan and HSBC offered to reduce the interest from 7. something to 6.0. It's a refi loan so I think there would be a right to deficiency anyway. HFC
href="mailto:cdcbaa%40yahoogroups.com">cdcbaa@yahoogroups.com > Subject: [cdcbaa] reaffirmation on real property > > > > Continuing the prior thread on this: > > A client of mine was just told by their mortgage lender (HSBC) that if they want to do a modification of their loan ( to lower payments, extend the loan term, etc.), they MUST do a reaffirmation agreement. Under such circumstances, any reason why doing a reaffirmation agreement would be a problem? I'm not sure why they can't just enter into a new loan agreement post-bankruptcy, but I suppose a reaffirmation accomplishes the same thing. > > Anyone have clients do this? > > ______________________ > Mark J. Markus > Law Office of Mark J. Markus > 11684 Ventura Blvd. PMB #403 > Studio City, CA 91604-2652 > (818)509-1173
(818)509-1460 (fax) > web: http://www.bklaw.com/ > This Firm is a Qualified Federal Debt Relief Agency > ___________ > NOTICE: This Electronic Message contains information from the law office of Mark J. Markus that may be privileged. The information is intended for the use of the addressee only. If you are not the addressee, note that any disclosure, copy, distribution or use of the contents of this message is prohibited. > IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this
communication (or in any attachment). >
Looking for last minute shopping deals?
Find them fast with Yahoo! Search.

The post was migrated from Yahoo.

Civil Code Section 580(b) is the no deficiency statute. I don't
think it applies to refinance loans. I have a client with an HSBC
loan and HSBC offered to reduce the interest from 7. something to
6.0. It's a refi loan so I think there would be a right to
deficiency anyway. HFC has a small second on this home also. They
have called me ten times to see if my clients will reaffirm. I told
them to lower the interest rate and they wanted tons of info
including an explanation of why before they would consider lowering
the rate.
>
> MessageTHat was exactly my thinking/concern. BUt if so, it would
happen even if they did a post-discharge modification instead of a
reaffirmation.
>
>
> ----- Original Message -----
> To: cdcbaa@yahoogroups.com
> Sent: Friday, March 21, 2008 11:08 AM
> Subject: RE: [cdcbaa] reaffirmation on real property
>
>
> reaffirmation may convert non-recourse to recourse debt. not
sure about that, but something to think about. Also, even if it
does, you may not care because judicial foreclosure on SFR is highly
unlikely. Again, just things to think about.
>
>
> 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-----
Behalf Of Mark JM
> Sent: Friday, March 21, 2008 10:07 AM
> To: cdcbaa@yahoogroups.com
> Subject: [cdcbaa] reaffirmation on real property
>
>
>
> Continuing the prior thread on this:
>
> A client of mine was just told by their mortgage lender (HSBC)
that if they want to do a modification of their loan ( to lower
payments, extend the loan term, etc.), they MUST do a reaffirmation
agreement. Under such circumstances, any reason why doing a
reaffirmation agreement would be a problem? I'm not sure why they
can't just enter into a new loan agreement post-bankruptcy, but I
suppose a reaffirmation accomplishes the same thing.
>
> Anyone have clients do this?
>
> ______________________
> Mark J. Markus
> Law Office of Mark J. Markus
> 11684 Ventura Blvd. PMB #403
> Studio City, CA 91604-2652
> (818)509-1173 (818)509-1460 (fax)
> web: http://www.bklaw.com/
> This Firm is a Qualified Federal Debt Relief Agency
> ___________
> NOTICE: This Electronic Message contains information from the law
office of Mark J. Markus that may be privileged. The information is
intended for the use of the addressee only. If you are not the
addressee, note that any disclosure, copy, distribution or use of the
contents of this message is prohibited.
> IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements
imposed by the IRS, we inform you that any U.S. tax advice contained
in this communication (or in any attachment) is not intended or
written to be used, and cannot be used, for the purpose of (i)
avoiding penalties under the Internal Revenue Code or (ii)
promoting, marketing or recommending to another party any
transaction or matter addressed in this communication (or in any
attachment).
>

The post was migrated from Yahoo.

charset="windows-1251"
MessageTHat was exactly my thinking/concern. BUt if so, it would happen even if they did a post-discharge modification instead of a reaffirmation.
----- Original Message -----
To: cdcbaa@yahoogroups.com
Sent: Friday, March 21, 2008 11:08 AM
Subject: RE: [cdcbaa] reaffirmation on real property
reaffirmation may convert non-recourse to recourse debt. not sure about that, but something to think about. Also, even if it does, you may not care because judicial foreclosure on SFR is highly unlikely. Again, just things to think about.
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-----
Mark JM
Sent: Friday, March 21, 2008 10:07 AM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] reaffirmation on real property
Continuing the prior thread on this:
A client of mine was just told by their mortgage lender (HSBC) that if they want to do a modification of their loan ( to lower payments, extend the loan term, etc.), they MUST do a reaffirmation agreement. Under such circumstances, any reason why doing a reaffirmation agreement would be a problem? I'm not sure why they can't just enter into a new loan agreement post-bankruptcy, but I suppose a reaffirmation accomplishes the same thing.
Anyone have clients do this?
______________________
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
web: http://www.bklaw.com/
This Firm is a Qualified Federal Debt Relief Agency
___________
NOTICE: This Electronic Message contains information from the law office of Mark J. Markus that may be privileged. The information is intended for the use of the addressee only. If you are not the addressee, note that any disclosure, copy, distribution or use of the contents of this message is prohibited.
IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication (or in any attachment).
charset="windows-1251"
Message

The post was migrated from Yahoo.

Just to add to this a little:
This is a purchase money (first) mortgage. Does doing a reaffirmation agreement change the anti-deficiency nature of the debt? Can the debtor still walk away later, give back the property and not owe anything further despite the reaffirmed debt?
----- Original Message -----
To: cdcbaa@yahoogroups.com
Sent: Friday, March 21, 2008 11:06 AM
Subject: [cdcbaa] reaffirmation on real property
Continuing the prior thread on this:
A client of mine was just told by their mortgage lender (HSBC) that if they want to do a modification of their loan ( to lower payments, extend the loan term, etc.), they MUST do a reaffirmation agreement. Under such circumstances, any reason why doing a reaffirmation agreement would be a problem? I'm not sure why they can't just enter into a new loan agreement post-bankruptcy, but I suppose a reaffirmation accomplishes the same thing.
Anyone have clients do this?
______________________
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
web: http://www.bklaw.com/
This Firm is a Qualified Federal Debt Relief Agency
___________
NOTICE: This Electronic Message contains information from the law office of Mark J. Markus that may be privileged. The information is intended for the use of the addressee only. If you are not the addressee, note that any disclosure, copy, distribution or use of the contents of this message is prohibited.
IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication (or in any attachment).
Just to add to this a little:

This is a purchase money (first)
mortgage. Does doing a reaffirmation agreement change the
anti-deficiency nature of the debt? Can the debtor still walk away
later, give back the property and not owe anything further despite the
reaffirmed debt?


----- Original Message -----
From:
Mark JM
To: cdcbaa@yahoogroups.com
Sent: Friday, March 21, 2008 11:06 AM
Subject: [cdcbaa] reaffirmation on real
property

Continuing the prior thread on
this:
A client of mine was just told by their mortgage
lender (HSBC) that if they want to do a modification of their loan ( to lower
payments, extend the loan term, etc.), they MUST do a reaffirmation
agreement. Under such circumstances, any reason why doing a
reaffirmation agreement would be a problem? I'm not sure why they can't
just enter into a new loan agreement post-bankruptcy, but I suppose a
reaffirmation accomplishes the same thing.

Anyone have clients do
this?______________________Mark J. MarkusLaw Office of Mark J.
Markus11684 Ventura Blvd. PMB #403Studio City, CA
91604-2652(818)509-1173 (818)509-1460 (fax)web: http://www.bklaw.com/This Firm is a
Qualified Federal Debt Relief Agency___________NOTICE: This Electronic
Message contains information from the law office of Mark J. Markus that may be
privileged. The information is intended for the use of the addressee
only. If you are not the addressee, note that any disclosure, copy, distribution or use of the contents of this message is prohibited.IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the
IRS, we inform you that any U.S. tax advice contained in this communication
(or in any attachment) is not intended or written to be used, and cannot be
used, for the purpose of (i) avoiding penalties under the Internal Revenue
Code or (ii) promoting, marketing or recommending to another party any
transaction or matter addressed in this communication (or in any
attachment).

The post was migrated from Yahoo.

charset="windows-1251"
reaffirmation may convert non-recourse to recourse debt. not sure about
that, but something to think about. Also, even if it does, you may not care
because judicial foreclosure on SFR is highly unlikely. Again, just things
to think about.
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.
Mark JM
Sent: Friday, March 21, 2008 10:07 AM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] reaffirmation on real property
Continuing the prior thread on this:
A client of mine was just told by their mortgage lender (HSBC) that if they
want to do a modification of their loan ( to lower payments, extend the loan
term, etc.), they MUST do a reaffirmation agreement. Under such
circumstances, any reason why doing a reaffirmation agreement would be a
problem? I'm not sure why they can't just enter into a new loan agreement
post-bankruptcy, but I suppose a reaffirmation accomplishes the same thing.
Anyone have clients do this?
______________________
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
web: http://www.bklaw. com/
This Firm is a Qualified Federal Debt Relief Agency
___________
NOTICE: This Electronic Message contains information from the law office of
Mark J. Markus that may be privileged. The information is intended for the
use of the addressee only. If you are not the addressee, note that any
disclosure, copy, distribution or use of the contents of this message is
prohibited.
IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by
the IRS, we inform you that any U.S. tax advice contained in this
communication (or in any attachment) is not intended or written to be used,
and cannot be used, for the purpose of (i) avoiding penalties under the
Internal Revenue Code or (ii) promoting, marketing or recommending to
another party any transaction or matter addressed in this communication (or
in any attachment).
charset="windows-1251"
Message
reaffirmation may convert
non-recourse to recourse debt. not sure about that, but something to think
about. Also, even if it does, you may not care because judicial
foreclosure on SFR is highly unlikely. Again, just things to think
about.


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

Continuing the prior thread on this:
A client of mine was just told by their mortgage lender (HSBC) that if they want to do a modification of their loan ( to lower payments, extend the loan term, etc.), they MUST do a reaffirmation agreement. Under such circumstances, any reason why doing a reaffirmation agreement would be a problem? I'm not sure why they can't just enter into a new loan agreement post-bankruptcy, but I suppose a reaffirmation accomplishes the same thing.
Anyone have clients do this?
______________________
Mark J. Markus
Law Office of Mark J. Markus
11684 Ventura Blvd. PMB #403
Studio City, CA 91604-2652
(818)509-1173 (818)509-1460 (fax)
web: http://www.bklaw.com/
This Firm is a Qualified Federal Debt Relief Agency
___________
NOTICE: This Electronic Message contains information from the law office of Mark J. Markus that may be privileged. The information is intended for the use of the addressee only. If you are not the addressee, note that any disclosure, copy, distribution or use of the contents of this message is prohibited.
IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (or in any attachment) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication (or in any attachment).
Continuing the prior thread on
this:
A client of mine was just told by their mortgage
lender (HSBC) that if they want to do a modification of their loan ( to lower
payments, extend the loan term, etc.), they MUST do a reaffirmation
agreement. Under such circumstances, any reason why doing a
reaffirmation agreement would be a problem? I'm not sure why they can't
just enter into a new loan agreement post-bankruptcy, but I suppose a
reaffirmation accomplishes the same thing.

Anyone have clients do
this?______________________Mark J. MarkusLaw Office of Mark J.
Markus11684 Ventura Blvd. PMB #403Studio City, CA
91604-2652(818)509-1173 (818)509-1460 (fax)web: http://www.bklaw.com/This Firm is aQualified Federal Debt Relief Agency___________NOTICE: This Electronic
Message contains information from the law office of Mark J. Markus that may be
privileged. The information is intended for the use of the addresseeonly. If you are not the addressee, note that any disclosure, copy,
distribution or use of the contents of this message is prohibited.IRS
CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS,
we inform you that any U.S. tax advice contained in this communication (or in
any attachment) is not intended or written to be used, and cannot be used, for
the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii)
promoting, marketing or recommending to another party any transaction or
matter addressed in this communication (or in any
attachment).

The post was migrated from Yahoo.