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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Reinstatement and Lender charges Posted by Jim on June 16, 2002 at 3:52 PM I hold a 2nd on a property where 1st lender has published for the trustee sale. Trustor, a separated mother with 4 children, filed ch 7 BK, 10 days prior to 1st lenders Notice of Sale. The property has marginal equity except for my note purchase discount. I have met with the BK Trustee and proposed an arrangement where if all agreed, I reinstate the 1st, take title to property by Grant Deed in Lieu of Forclosure and Trustor can remain in property for agreed upon time (she has tried to rent other property but no luck while she is in BK) if she will keep property neat and show property to prospective buyers. BK Trustee likes proposal, but I have found questionable charges by 1st lender on reinstatement figures. Principal, late charges and interest ok. Escrow payment $1,241., Misc. Exps. $1,524. and Future Expenses $2,096. appear to me to be excessive. Escrow ok, but misc and future expenses of over $3,600.? Are these charges legitimate? Can reinstatement charges be questioned or are we at the mercy of the Lender? Would BK Trustee have any influence on Lender? I almost forgot, 1st lender has petitioned for relief from stay. Since we have passed the 35 day (Nevada) reinstatement period, I do not want to push 1st lender to the point of not allowing reinstatement. Any comments or ideas will be greatly appreciated. Just trying to do the right thing! Thanks! Follow Ups: Pay what you have to now, get tough after the reinstatement. Ward-CA- 7:17 AM, 06/17/02 (0) Post a Followup: Name : E-Mail : Subject : Comments: : I hold a 2nd on a property where 1st lender has published for the trustee sale. Trustor, a separated mother with 4 children, filed ch 7 BK, 10 days prior to 1st lenders Notice of Sale. The property has marginal equity except for my note purchase discount. : I have met with the BK Trustee and proposed an arrangement where if all agreed, I reinstate the 1st, take title to property by Grant Deed in Lieu of Forclosure and Trustor can remain in property for agreed upon time (she has tried to rent other property but no luck while she is in BK) if she will keep property neat and show property to prospective buyers. BK Trustee likes proposal, but I have found questionable charges by 1st lender on reinstatement figures. : Principal, late charges and interest ok. Escrow payment $1,241., Misc. Exps. $1,524. and Future Expenses $2,096. appear to me to be excessive. Escrow ok, but misc and future expenses of over $3,600.? Are these charges legitimate? Can reinstatement charges be questioned or are we at the mercy of the Lender? Would BK Trustee have any influence on Lender? I almost forgot, 1st lender has petitioned for relief from stay. : Since we have passed the 35 day (Nevada) reinstatement period, I do not want to push 1st lender to the point of not allowing reinstatement. : Any comments or ideas will be greatly appreciated. : Just trying to do the right thing! : Thanks! Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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