It was the wrong thread - Page 81

Spanky · 09-08-2005, 04:49 PM

Quote:

Originally posted by Penske_Account
do various lien holders=mortgagees?

Recorded mortgage(s) would be perfected, no?

Yes liens equal mortgages. If by perfected you mean paid off then yes. The only issue is that of the third mortgage. For the third mortgage I will not pay them the full amount but they will agree to that take that amount to cure the lien (pay of the mortgage).

Every other mortgage, and taxes etc. will all be paid off in full.

Penske_Account · 09-08-2005, 04:59 PM

Quote:

Originally posted by Spanky
Yes liens equal mortgages. If by perfected you mean paid off then yes. The only issue is that of the third mortgage. For the third mortgage I will not pay them the full amount but they will agree to that take that amount to cure the lien (pay of the mortgage).

Every other mortgage, and taxes etc. will all be paid off in full.

By perfected I meant recorded.

I am not a bankruptcy attorney (and don't want to be, no offence) so I am not sure where Hank's question was going other than as to whether the Trustee has notice of the mortgage, i.e. if its unrecorded maybe he doesn't know about; and the priorities involved.

baltassoc · 09-08-2005, 05:01 PM

Quote:

Originally posted by Spanky
Yes liens equal mortgages. If by perfected you mean paid off then yes. The only issue is that of the third mortgage. For the third mortgage I will not pay them the full amount but they will agree to that take that amount to cure the lien (pay of the mortgage).

Every other mortgage, and taxes etc. will all be paid off in full.

Don't take this the wrong way, but you seriously ought to think about hiring a bankruptcy attorney here. This isn't a particularly complicated matter, but it could be easy to screw up. I don't think it'd cost you very much to get this handled, as bankruptcy attorneys are fairly inexpensive and you'd be a great client (i.e., you'd pay).

(It sounds to me like what you are proposing is simply a settlement of the estate (i.e. all creditors get paid, at least in part, and sign off on the distribution) as opposed to a motion to compel abandonment, which is a request to compel the trustee to give up a claim to an asset that could be part of the estate.)

Southern Patriot · 09-08-2005, 05:25 PM

Quote:

Originally posted by baltassoc
Don't take this the wrong way, but you seriously ought to think about hiring a bankruptcy attorney here. This isn't a particularly complicated matter, but it could be easy to screw up. I don't think it'd cost you very much to get this handled, as bankruptcy attorneys are fairly inexpensive and you'd be a great client (i.e., you'd pay).

(It sounds to me like what you are proposing is simply a settlement of the estate (i.e. all creditors get paid, at least in part, and sign off on the distribution) as opposed to a motion to compel abandonment, which is a request to compel the trustee to give up a claim to an asset that could be part of the estate.)

Son, you've seen how he does things on the PB. Why would he consider hiring a professional?

baltassoc · 09-08-2005, 05:29 PM

Quote:

Originally posted by Southern Patriot
Son, you've seen how he does things on the PB. Why would he consider hiring a professional?

Well, he hasn't really mentioned anything about the Serbian for a while, so maybe it hasn't worked out so well.

Spanky · 09-08-2005, 05:31 PM

Quote:

Originally posted by baltassoc
Don't take this the wrong way, but you seriously ought to think about hiring a bankruptcy attorney here. This isn't a particularly complicated matter, but it could be easy to screw up. I don't think it'd cost you very much to get this handled, as bankruptcy attorneys are fairly inexpensive and you'd be a great client (i.e., you'd pay).

(It sounds to me like what you are proposing is simply a settlement of the estate (i.e. all creditors get paid, at least in part, and sign off on the distribution) as opposed to a motion to compel abandonment, which is a request to compel the trustee to give up a claim to an asset that could be part of the estate.)

1) On these deals I spend as little as possible (as many don't pay off), and in addition, I find when I don't hire other lawyers I learn how to do it for next time. In addition, I can't imagine this motion is too difficult. I just need a previous filing to use as a guideline and I will be on my way.

2) The issue is time. I don't have time to sit around and wait for the settlement. I have the deal worked out and need to move the house. Offers from the bank are for a limited time. I am a business man now, not a lawyer, so time is the enemy. Getting the trustee to give up the claim to the asset is exactly what I need to happen so I can purchase the house.

Spanky · 09-08-2005, 05:39 PM

Quote:

Originally posted by Penske_Account
By perfected I meant recorded.

I am not a bankruptcy attorney (and don't want to be, no offence) so I am not sure where Hank's question was going other than as to whether the Trustee has notice of the mortgage, i.e. if its unrecorded maybe he doesn't know about; and the priorities involved.

If they are not recorded I don't have to worry about them. So it is perfected.

It is pretty easy to get a title report so I am sure the Trustee knows about it.

Hank do you have a copy of the motion that you could delete the names and send it to me?

09-08-2005, 05:56 PM

Quote:

Originally posted by baltassoc
I hate to be all Luddite on this, but your best bet is to head down to the Federal courthouse and look it up in Colliers on Bankruptcy.

(I've never done a motion to compel abandonment, but I have done a fair amount of other bankruptcy work - Colliers rocks).

Actually, his best bet is to ask a lawyer friend to borrow such book from law library. Easy and effortfree!

baltassoc · 09-08-2005, 05:58 PM

Quote:

Originally posted by paigowprincess
Actually, his best bet is to ask a lawyer friend to borrow such book from law library. Easy and effortfree!

Except it's about 20 volumes.

Penske_Account · 09-08-2005, 05:59 PM

Quote:

Originally posted by Spanky
If they are not recorded I don't have to worry about them. So it is perfected.

what kind of deed are you getting and even its a warranty deed, how good is this guys warranty and would it survive bankruptcy, i.e. if there is a unperfected lien you might have to worry about it.

09-08-2005, 06:03 PM

Quote:

Originally posted by baltassoc
Except it's about 20 volumes.

Aw shit. Spanky may need to get a job then.

I've been hepful.

Spanky · 09-08-2005, 06:27 PM

Quote:

Originally posted by Penske_Account
what kind of deed are you getting and even its a warranty deed, how good is this guys warranty and would it survive bankruptcy, i.e. if there is a unperfected lien you might have to worry about it.

This entire transaction will go through a escrow, will be fully insured, and will be recorded. There are no issues concerning the integrity of the transaction. I have bought fourteen houses where the owner is in distress. On most of these transactions the owner was either in bankruptcy (and had been for a while), had just gone through bankruptcy and went into bankruptcy after the transaction.

Where this property is different is that the homeowner filed bankruptcy right in the middle of my negotiation with the lien holder (the bank that lent him the money). I told them the homeowner could not avoid bankruptcy much longer so they had better give me an offer to complete the transaction. The bank didnh't believe me, screwed around, and the guy went into bankruptcy. Now I can't complete the transaction because the Trustee is in control of the house.

Now the bank is ready to deal but the house is part of the bankruptcy. It will take at least a month for the trustee to organize all the paperwork to determine that the homeowner is upside down in the house and a shortsale would be the best for all players involved.

The Trustee assistance, told me the only option I had to speed up the release of the house was...........A motion to compel abandonment. I have never even filed any motion in bankruptcyu court, and when I practiced law I always asked around for forms (why reinvent the wheel) so that is what I am doing here.

Penske_Account · 09-08-2005, 06:39 PM

Quote:

Originally posted by Spanky
This entire transaction will go through a escrow, will be fully insured, and will be recorded. There are no issues concerning the integrity of the transaction. I have bought fourteen houses where the owner is in distress. On most of these transactions the owner was either in bankruptcy (and had been for a while), had just gone through bankruptcy and went into bankruptcy after the transaction.

Where this property is different is that the homeowner filed bankruptcy right in the middle of my negotiation with the lien holder (the bank that lent him the money). I told them the homeowner could not avoid bankruptcy much longer so they had better give me an offer to complete the transaction. The bank didnh't believe me, screwed around, and the guy went into bankruptcy. Now I can't complete the transaction because the Trustee is in control of the house.

Now the bank is ready to deal but the house is part of the bankruptcy. It will take at least a month for the trustee to organize all the paperwork to determine that the homeowner is upside down in the house and a shortsale would be the best for all players involved.

The Trustee assistance, told me the only option I had to speed up the release of the house was...........A motion to compel abandonment. I have never even filed any motion in bankruptcyu court, and when I practiced law I always asked around for forms (why reinvent the wheel) so that is what I am doing here.

Gotcha. I only transactions, although Slave was right, google the form and there is a link to one here, although it is for Arizona. Although that's the ninth circuit.

http://www.usforms.com/forms/AZ/c/AZ-C-310-6385.pdf

I want to do what you do. Should I quit my day job? Slave don't answer!!

Spanky · 09-08-2005, 06:49 PM

Thanks for the link. Exactly what I was looking for.

Don't quit your job. What I do is a roller coaster ride and I haven't perfected the system yet. The payoffs are good but there could be long periods of time with no income. That can get rough. I think I may have to find some contract work for the dry periods.

Hank Chinaski · 09-08-2005, 06:59 PM

Quote:

Originally posted by Spanky
Thanks for the link. Exactly what I was looking for.

Don't quit your job. What I do is a roller coaster ride and I haven't perfected the system yet. The payoffs are good but there could be long periods of time with no income. That can get rough. I think I may have to find some contract work for the dry periods.

I think what Penske meant was he wants to be on high-powered conference calls, only with webconnect so he can email photoshops to highlight his points