InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Possible JBB Deal Posted by Ward-CA- on September 10, 2003 at 7:00 PM In Reply to: Possible JBB Deal posted by Dave on September 10, 2003 at 7:59 AM : Ward, : I’m contemplating buying a junior bene but not sure what the current outstanding balance is because of a bankruptcy. After talking with the beneficiary, looking at his files and researching pacer I think that only pre-petition arrears were paid through the now discharged chapt 13 BK. So, I believe all the original principal and post-petition interest (several years worth) are still owed. I can’t seem to find the BK repayment plan anywhere, only the proof of claim that was filed. : Does this sound reasonable? I called the BK trustee but they don’t have any records since this has been discharged for a few years. I’d like to do the deal but it only makes sense if both interest and principal are still owed. : Thanks in advance, : Dave -=-=-=-=-=-=-=-=-=-= Dave, I would have come to the same conclusion you have, if I were in your shoes. Get an sworn AFFIDAVIT from the selling beneficiary that recites the same facts if you buy the note. Then you have something to hang your hat on if you're ever challenged by the trustor as to the amount owed. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Ward, : : I’m contemplating buying a junior bene but not sure what the current outstanding balance is because of a bankruptcy. After talking with the beneficiary, looking at his files and researching pacer I think that only pre-petition arrears were paid through the now discharged chapt 13 BK. So, I believe all the original principal and post-petition interest (several years worth) are still owed. I can’t seem to find the BK repayment plan anywhere, only the proof of claim that was filed. : : Does this sound reasonable? I called the BK trustee but they don’t have any records since this has been discharged for a few years. I’d like to do the deal but it only makes sense if both interest and principal are still owed. : : Thanks in advance, : : Dave : -=-=-=-=-=-=-=-=-=-= : Dave, : I would have come to the same conclusion you have, if I were in your shoes. : Get an sworn AFFIDAVIT from the selling beneficiary that recites the same facts if you buy the note. Then you have something to hang your hat on if you're ever challenged by the trustor as to the amount owed. : Hope this helps. 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

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2003, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455