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Cram Down Question
Posted: Sun Aug 01, 2010 10:18 pm
by Yahoo Bot
The procedure that I have used in the Valley, at least, is that you file a separate motion to value the income property and state in the motion the terms of the cramdown. The Miscellaneous provision in the plan references the order on the motion to value and the terms of the cramdown. The default payments are not separately paid, because all cramdown payments are paid through the plan.
Good luck and expect a fight from the lender on the income property.
Lou Esbin
>
> A PC wants to file a CH13. She has an income property in addition to her
> primary residence. She is current on her primary, but behind on the income
> property to the extent of about 24k. She hsa sufficient DPI to afford to
> cram the value of the income property down to its present value and pay it
> off in 5 years. Question is does the 13 plan have to provide for the
> payment of the arrearages seperately, or do they get absorbed in the cram
> down?
>
> --
> John Boyko
> LAW OFFICES OF JOHN M. BOYKO
> 3521 Lomita Blvd., Suite 100
> Torrance, CA 90505
> 310-750-6789 (Office)
> 310-300-0263 (Fax)
>
The post was migrated from Yahoo.
Cram Down Question
Posted: Wed Jul 28, 2010 3:31 pm
by Yahoo Bot
A PC wants to file a CH13. She has an income property in addition to her
primary residence. She is current on her primary, but behind on the income
property to the extent of about 24k. She hsa sufficient DPI to afford to
cram the value of the income property down to its present value and pay it
off in 5 years. Question is does the 13 plan have to provide for the
payment of the arrearages seperately, or do they get absorbed in the cram
down?
John Boyko
LAW OFFICES OF JOHN M. BOYKO
3521 Lomita Blvd., Suite 100
Torrance, CA 90505
310-750-6789 (Office)
310-300-0263 (Fax)
A PC wants to file a CH13. She has an income property in addition to her primary residence. She is current on her primary, but behind on the income property to the extent of about 24k. She hsa sufficient DPI to afford to cram the value of the income property down to its present value and pay it off in 5 years. Question is does the 13 plan have to provide for the payment of the arrearages seperately, or do they get absorbed in the cram down?
-- John BoykoLAW OFFICES OF JOHN M. BOYKO3521 Lomita Blvd., Suite 100Torrance, CA 90505310-750-6789 (Office)310-300-0263 (Fax)
The post was migrated from Yahoo.