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short sale: California Anti-Deficiency Legislation - 07/29/11 04:32 AM
California has passed amendments to its anti-deficiency statute. The closing of a short sale and acceptance of terms of short sale will not give rise to deficiency claims for liability that lenders may pursue. Does this mean that California borrowers are out of the woods? Hardly! A bankruptcy analysis by a Certified Bankruptcy Specialist should still be part of the agent's due diligence in counseling the seller. Other liabilities may exist for which a Chapter 7 may be necessary. But, if property is short sold Chapter 7 relief may be out of seller's reach as they will fail the Means Test. … (0 comments)
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short sale: Bankuptcy Update - Lien Stripping - 07/09/10 12:16 PM
A recent published decision by the Bankruptcy Appellate Panel for the Ninth Circuit affirmed a lower court decision that sends Chapter 13 Debtors out into the cold. In this decision (in which I represented the debtor trying to save their home) the BAP held that on the date of filing the Debtor knows with certainty that as a result of a "lien strip" they will have more than the amount allowed to file for relief under Chapter 13.Now, when the wholly unsecured second mortgage is added to the other unsecured debt (credit cards, student loans, taxes, other claims, etc.), if the … (3 comments)
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short sale: Short Sales - Warning! You May Cause Your Client to Fail the Means Test - 12/18/09 12:15 PM
A recent email to a client follows, and should be a fair warning to have clients consult with bankruptcy counsel before execution of short sale purchase and sale documents:
As a result of the short sale of your home before you file bankruptcy you will no longer have the contractually due amount owing to your first and second. As a result, when we calculate your eligibility for Chapter 7 relief (rather than Chapter 13 relief) we will not be able to deduct from your Annualized Monthly Income those monthly payments. As a further result, if your Annualized Monthly Income (calculated from … (32 comments)
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short sale: Seven Questions to Consider Before Taking a Short Sale Listing - 09/09/09 11:20 PM
Before taking a short sale listing, every Realtor (and Broker) should consider the following 7 questions:
Have you as the Realtor asked the Client if the Client has consulted with their accountant or tax advisor on the issues of capital gains (and losses if nonresidential property) and debt forgiveness? Have you as the Realtor asked the Client if the Client has discussed with their accountant or tax advisor the tax consequences to the Client of the short sale? Have you as the Realtor considered (or consulted with their Broker) whether the failure of the Realtor to ask the foregoing questions … (5 comments)
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short sale: Invitation to Real Estate Professionals - 08/14/09 09:07 AM
Valencia, Santa Clarita, Los Angeles Region and Active Rain Real Estate Professionals do you have clients that are facing mortgage defaults, short sales, foreclosures, or mounting credit card debt, and you need someone to speak with before speaking with them? Are your client being bombarded by mailings for quick fix scams and they are looking to you for advice? The Law Offices of Louis J. Esbin offers to Real Estate Professionals an "Open Phone" or "Open Email" policy that allows you to ask questions and not receive a bill. When your client schedules a consultation, you are invited and encouraged to … (0 comments)
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Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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