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when real property legal interest turns into full interest
I'm not suggesting that you use the standard form for approval of the sale.
You will probably require an actual hearing. Or modify the standard form.
Include a separate declaration outlining the lack of equitable interest. If the
trustee doesn't sign off, the judge should grant the application once the
facts are known. And you will get your order so that a policy of title insurance
can issue and the property can be sold.
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and then I suppose debtor would have to turn over all the proceeds from the sale to the Ch. 13 Trustee? That doesn't seem right to me. This is past the 180 days and the only reason debtor was on title was for testamentary purposes.
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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)
e-mail: bklawr@bklaw.com
web: http://www.bklaw.com/
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----- Original Message -----
To: cdcbaa@yahoogroups.com
Sent: Thursday, May 27, 2004 5:22 PM
Subject: Re: [cdcbaa] when real property legal interest turns into full interest
If the debtor owns a legal interest, then how can the debtor obtain a policy of title insurance without bankruptcy court approval? I think the application will be necessary.
The post was migrated from Yahoo.
On date Ch. 13 petition is filed, debtor owns a purely legal interest in real property. Debtor's mother is the equitable owner, having paid all the mortgage, down payment, taxes, etc. Thus, we valued debtor's interest at zero on the schedules, and no problem with the Ch. 13 Trustee.
Debtor's mother has now died and debtor's interest has now matured into a full interest (or whatever it would be called). Title is now shared with 3 siblings of debtor.
It has been MORE than 180 days since the petition was filed.
Does debtor need court approval to sell or otherwise dispose of this property?
***********************************************
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)
e-mail: bklawr@bklaw.com
web: http://www.bklaw.com/
************************************************
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entity to which it is addressed and may contain information that is privileged,
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On date Ch. 13 petition is filed, debtor owns a
purely legal interest in real property. Debtor's mother is the equitable
owner, having paid all the mortgage, down payment, taxes, etc. Thus, we
valued debtor's interest at zero on the schedules, and no problem with the Ch.
13 Trustee.
Debtor's mother has now died and debtor's interest
has now matured into a full interest (or whatever it would be called).
Title is now shared with 3 siblings of debtor.
It has been MORE than 180 days since the petition
was filed.
Does debtor need court approval to sell orotherwise dispose of this property?
***********************************************Mark J. MarkusLaw
Office of Mark J. Markus11684 Ventura Blvd. PMB #403Studio City, CA91604-2652(818)509-1173(818)509-1460 (fax)e-mail: bklawr@bklaw.comweb:
The post was migrated from Yahoo.