Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
Articles |The FORUM |Law Library |Videos | Fraudsters & Co. |File Complaints |How they STEAL |Search MSFraud |Contact Us
Cintia
Is it better to list the property as unsecured/unknown value or secured/unknown value?

I see the unsecured idea being promoted on various websites but I haven't seen a case of it fully put into action. My issue would be making it so that you can have a viable plan outside of the property debt.

I have very few other creditors, so the value of the property is MORE than my total debt. If the property is of unknown value, then this wouldn't be issue.

I hope that makes sense. Any guidance or case examples would be helpful. I've been discussing this with my counsel but I like to do some more independent research.

Thanks everyone!

Quote 0 0
     The value you put on it will depend on your States homestead exemption
and whether or not you are filing post foreclosure judgment or pre foreclosure
judgment.
      If you want to contest their standing, you should list it as unsecured and check the contested box. That way they will have to prove they have
a lien on the property.
      If you list it as secured and uncontested, they will simply file a motion
to lift the stay and you'll be back in State foreclosure court where you will
most likely lose the home.
      For example, In Florida we have an unlimited HX exemption so it is best
to fight it out in State court until a Judgment is entered. Now you file Ch 7
listing the property as homesteaded and the Judgment as unsecured and disputed. Depending on what they do next, the judgment might get completely discharged and the property will be abandoned by the Trustee,
ie returned to you. Then you file a Motion for Relief from Judgment in State
Court based on the Discharge you received in BK Court.
      Once back in State court after a BK discharge, the issue might be whether they had a valid lien at the inception of the foreclosure case.
If you can prove they didn't, you are home free. If it turns out they did have
a lien, and they insist on a Court House forced sale, then the issue is who gets the money since the debt was wiped out in BK court.
      At this point, you might want to file a Ch 13 and offer them 50% of the
value of the property. (You raise the money through a "hard money" lender
and "buy" your way out of Ch 13.
      I am not a lawyer, and this is not legal advice. I speak from first hand
experience helping others using the Bk procedure for saving homes in Florida.
Quote 0 0
Moose
Cintia wrote:
Is it better to list the property as unsecured/unknown value or secured/unknown value?

I see the unsecured idea being promoted on various websites but I haven't seen a case of it fully put into action. My issue would be making it so that you can have a viable plan outside of the property debt.


Talk to your attorney. The kind of advice you're likely to get from people like Mike H. often has little value in the real world.

The reality of life is, it is illegal to misrepresent your financial status in any way when you're filing for bankruptcy. Trustees aren't stupid - they've seen just about every trick in the book.

Moose



Quote 0 0
Write a reply...