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: This is easy... Posted by Jim on November 22, 2003 at 2:32 PM In Reply to: This is easy... posted by Ward-CA- on November 21, 2003 at 10:28 AM : : Hello Ward, : : So I got the owner to sign the EPA tonight. The sale is tomorrow at 11AM. Below is an extract from an earlier message and I have a few questions: : : 1. What 6 designated pieces of paper make up the Chapter 13 petition? : : 2. Do I escort the owner down to the courthouse to gather and file this petition tomorrow before the sale? Can I do it without her involvement? : : 3. Once I do get the petition filed, then I would show a copy to the auctioneer prior to the sale, correct? : : 4. Once I resolve the default, will the CH 13 petition expire or do I have to "kill" it? : : 5. Can I feasibly get this thing done within the short time I have? : : Please answer ASAP. : : Thank you, : : Jim : : ================================================================ : : STOPPING THE FORECLOSURE : : Just filing an "emergency petition" in Chapter 13 with the bankruptcy intake clerk will immediately stop or "stay" a foreclosure in its tracks. All that's required is the filing fee and the six designated pieces of paper that make up the preliminary part of the Chapter 13 petition. The effect of filing the emergency petition close to the date scheduled for the trustee's sale is it will force the trustee to postpone their sale for at least 30 more days, since that's the earliest the bankruptcy court will hear the beneficiary's petition for relief from the borrower's automatic stay (that stopped the foreclosure process). An extra thirty days is more than enough time to consummate a sale of the property and make up the back payments to reinstate the foreclosing trust deed(s). : : ================================================================ : ================================== : : Jim, : #1. Bankruptcy is a federal process. So go to your local federal courthouse's bankruptcy section and ask for an Emergency Petition in Chapter 13. If you are given the full Petition in Chapter 13 then find therein the sheet that lists all 13 schedules. The schedules pertinent to the Emergency Filing will be asterisked as such. Separate them from the whole filing package and make a copy of it. Fill in and file the emergency schedules along with the filing fee. : #2. You could file their signed petition with the Court. But I'd advise you to have the petitioner with you in case there's something else that has to be signed or corrected while at the Intake window. : #3. No, the trustee's sale is automatically void even without notifying the trustee ahead of time. So if you notify the trustee about 2 hours after the sale took place they will cancel the sale and reschedule it about 7 weeks into the future. : #4. You want your debtor to file a Request for Dismissal of Chapter 13 form with the bankruptcy court once the foreclosure has been postponed well into the future. Getting the dismissal signed by the bankruptcy judge will allow you to go forward with your purchase of the property without need to get the bankruptcy court's involvement. : #5. Absolutely. You can stop the trustee's sale immediately...by filing the Emergency Petition anytime prior to 11:00 AM. : Hope this helps. Ward, Thanks for your excellent "how-to" on the bankruptcy details, but I wasn't able to put it together before the auction. However, the gods were smiling at the auction yesterday. The property sale was postponed until next Wednesday 11/26 because of "Trustee Discretion". When I heard that, my sullen expression changed from night to day. I ordered a title report even though I've been researching at the Recorder's office for around a year now. Call it cheap insurance for this...my first deal. I ordered a home inspection for Monday. I got the $2,000 cashiers check and will get the grant deed signed, notarized, and recorded on Monday. The owner will be calling the defaulted lender to get the cure amount and preferred manner of payment on Monday. I asked her to get the lender's bank routing so that her Trust's trustee (my LLC) could wire the delinquent cure funds directly to the account. The Certificate of Trust, Grant Deed, and Alternate Grant Deed are all ready to go through the process. Questions: 1. What minimal timeframe should there be between signing/notarizing/recording the Grant Deed and getting the ABI signed/notarized? 2. Would it be unreasonable to have the Grant Deed and ABI done on the same day, but by different notaries? Why again the use of two different notaries? Thanks for your help, Jim Follow Ups: Fine tuning... Ward-CA- 11:05 PM, 11/22/03 (2) Re: Fine tuning... Jim 6:11 PM, 11/23/03 (1) Check processing is automatic... Ward-CA- 9:35 AM, 11/27/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : : Hello Ward, : : : So I got the owner to sign the EPA tonight. The sale is tomorrow at 11AM. Below is an extract from an earlier message and I have a few questions: : : : 1. What 6 designated pieces of paper make up the Chapter 13 petition? : : : 2. Do I escort the owner down to the courthouse to gather and file this petition tomorrow before the sale? Can I do it without her involvement? : : : 3. Once I do get the petition filed, then I would show a copy to the auctioneer prior to the sale, correct? : : : 4. Once I resolve the default, will the CH 13 petition expire or do I have to "kill" it? : : : 5. Can I feasibly get this thing done within the short time I have? : : : Please answer ASAP. : : : Thank you, : : : Jim : : : ================================================================ : : : STOPPING THE FORECLOSURE : : : Just filing an "emergency petition" in Chapter 13 with the bankruptcy intake clerk will immediately stop or "stay" a foreclosure in its tracks. All that's required is the filing fee and the six designated pieces of paper that make up the preliminary part of the Chapter 13 petition. The effect of filing the emergency petition close to the date scheduled for the trustee's sale is it will force the trustee to postpone their sale for at least 30 more days, since that's the earliest the bankruptcy court will hear the beneficiary's petition for relief from the borrower's automatic stay (that stopped the foreclosure process). An extra thirty days is more than enough time to consummate a sale of the property and make up the back payments to reinstate the foreclosing trust deed(s). : : : ================================================================ : : ================================== : : : : Jim, : : #1. Bankruptcy is a federal process. So go to your local federal courthouse's bankruptcy section and ask for an Emergency Petition in Chapter 13. If you are given the full Petition in Chapter 13 then find therein the sheet that lists all 13 schedules. The schedules pertinent to the Emergency Filing will be asterisked as such. Separate them from the whole filing package and make a copy of it. Fill in and file the emergency schedules along with the filing fee. : : #2. You could file their signed petition with the Court. But I'd advise you to have the petitioner with you in case there's something else that has to be signed or corrected while at the Intake window. : : #3. No, the trustee's sale is automatically void even without notifying the trustee ahead of time. So if you notify the trustee about 2 hours after the sale took place they will cancel the sale and reschedule it about 7 weeks into the future. : : #4. You want your debtor to file a Request for Dismissal of Chapter 13 form with the bankruptcy court once the foreclosure has been postponed well into the future. Getting the dismissal signed by the bankruptcy judge will allow you to go forward with your purchase of the property without need to get the bankruptcy court's involvement. : : #5. Absolutely. You can stop the trustee's sale immediately...by filing the Emergency Petition anytime prior to 11:00 AM. : : Hope this helps. : : Ward, : Thanks for your excellent "how-to" on the bankruptcy details, but I wasn't able to put it together before the auction. : However, the gods were smiling at the auction yesterday. The property sale was postponed until next Wednesday 11/26 because of "Trustee Discretion". When I heard that, my sullen expression changed from night to day. : I ordered a title report even though I've been researching at the Recorder's office for around a year now. Call it cheap insurance for this...my first deal. I ordered a home inspection for Monday. I got the $2,000 cashiers check and will get the grant deed signed, notarized, and recorded on Monday. The owner will be calling the defaulted lender to get the cure amount and preferred manner of payment on Monday. I asked her to get the lender's bank routing so that her Trust's trustee (my LLC) could wire the delinquent cure funds directly to the account. : The Certificate of Trust, Grant Deed, and Alternate Grant Deed are all ready to go through the process. : Questions: : 1. What minimal timeframe should there be between signing/notarizing/recording the Grant Deed and getting the ABI signed/notarized? : 2. Would it be unreasonable to have the Grant Deed and ABI done on the same day, but by different notaries? Why again the use of two different notaries? : Thanks for your help, : Jim 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