Comment

Comment by Amy Givoni on August 18, 2011 at 10:43pm

I have closed files post bankruptcy.  I used www.shortsaledepartment.com to negotiate for me.  They closed them everytime!  All I had to do was wait patiently!

Comment by Paddy Deighan, JD PhD on August 17, 2011 at 8:06pm

in regard to that language, there is more to it than that....as anyone would read that , it would mean that there are no notes, mortgages, deed of trust etc and teh home is owned free and clear by the sellers and we know that this is not the case.  You could log into PACER.gov and review the case your self an perhaps get some clarification...

Comment by Cheri Smith on August 17, 2011 at 7:49pm

Thanks so much Paddy. Yes, it certainly is complicated. The sellers are under the impression that Key is now unsecured because of language in the court order that reads "...the property dealt with by the Plan is free and clear of all claims and interests of creditors of the Debtors." It sounds that way to me too after reading it. You're saying that's not necessarily the case? The sellers are reluctant to get their attorney involved any more because he's so expensive. I'm also having a hard time figuring out who I should be talking to at Key. The short sale department doesn't get it and the Key Bankruptcy dept tells me I need to have the borrowers attorney contact them. So frustrating.

Comment by Paddy Deighan, JD PhD on August 17, 2011 at 7:31pm

Cheri, this is obviously a complicated situation and there are several issues variables. First, teh second does not automatically become and unsecured creditor. It can happen, but only if certain motions were made and granted so you cannot assume that it happened. I would tread very carefully here because any time that a home owner is in bankruptcy, it is difficult for the real estate agents to comment or take action without crossing the unauthorized practice of law threshhold.

 

You will not be able to present a discharge until the plan is fully funded..presumably years from now.  It seems like someone at Key does not understand the process.  The home owner needs an attorney to tactfully advise key of their rights since they do not get it (not unusual-especially since it was a Chapter 11).

Comment by Kendra Chui on March 30, 2011 at 6:08pm

Antonette,  You are correct.  After spoke with couple bankruptcy attorneys they all told me the lien will not removed.  :-(  Thank you.

Comment by Antonette Solano CSSG, SFR on March 30, 2011 at 5:18pm

Bk only relieves the personal obligation not the lien on real estate
What your calling a personal loan is the first mortgage since the home was put up as collateral and mst likely they will get all or most of their money the same as any other first mortgage. Wacovia will get a small amount as a second lien
The discarge on the first inbk only means that the bank can not pursue deficiency against them personally if it ws. In the bk BUT if wacovia was not they still have that right

Comment by Kendra Chui on March 30, 2011 at 4:55pm

They transfer me to Charge off Department. Charge off department asked me contact their attorney.  They have a law firm handle those discharged debts.  Here is the interesting part.  The seller filed bankruptcy so her debt was discharged BUT the lien stays with the house forever unless it is paid off.  Since it is the first lien they are very firm they don't want to negotiate.  They want the amount the seller borrowed back to 2006 PLUS interest.

Comment by Sara Mehrpouyan Los Angeles CDPE on March 30, 2011 at 3:35pm

Kendra, did the seller give you authorization for Chase? You should call them and give them the loan number. Eventually you will find out who you need to speak with over there.

Comment by Kendra Chui on March 30, 2011 at 1:05am

The seller told me she has only 1 lien on her house but after pulling Title we found out the house has 2 liens.  The first lien is a personal loan. She borrowed money from the bank( Chase) and use her house as collateral.  The 2nd lien is the mortgage lien. (Wchovia).  She filed Chapter 7 so all her debt were discharged except the house mortgage lien because she wanted to keep the house at that time. 

 

I would like to know which department in Chase shall I contact with so they will release the lien?  Also, will Chase release the lien automatically or I have to do short sale negotiation too?   Thank you very much.

 

Comment by Jeanette Becker on August 22, 2010 at 4:44pm

Dan, I am working on a short sale with a second with a discharged BK. The first is ready to settle with 1,000 going to the second to release the lien. The second did not know about the BK because it was a GMAC loan that was being serviced by Greentree. At first, they wanted $3500 to sign off the lien, but when I told them the loan was discharged in bankruptcy, they asked that I send them proof. I sent them the docket from the bankruptcy court, sent them the reaffirmation of the first, and went online to the bankruptcy court and pulled up the bankruptcy number and printed it off and sent it as well. The next time I talked with the negotiator, he was very cooperative and we continued with the process of appraisal verification, upper management approval, and we will close as soon as these people approve the short sale.

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