Announcement

Collapse

Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as BKForum.com and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do:
BKFORUM.com (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto BKForum.com you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.


Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of BKforum.com.

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on BKForum.com are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

Any “retroactive” provisions for Real Estate that was lost just prior to filing?

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Any “retroactive” provisions for Real Estate that was lost just prior to filing?


  • #2
    A few questions first....

    Did you walk away from the house or did you lose it in court through repossession by your lender? When exactly did you lose the house?
    I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

    06/01/06 - Filed Ch 13
    06/28/06 - 341 Meeting
    07/18/06 - Confirmation Hearing - not confirmed, 3 objections
    10/05/06 - Hearing to resolve 2 trustee objections
    01/24/07 - Judge dismisses mortgage company objection
    09/27/07 - Confirmed at last!
    06/10/11 - Trustee confirms all payments made
    08/10/11 - DISCHARGED !

    10/02/11 - CASE CLOSED
    Countdown: 60 months paid, 0 months to go

    Comment


    • #3
      I think you need to clarify the "contract" thing. As a LRPRN asks, what exactly did you lose.

      Comment


      • #4

        Comment


        • #5
          I am not sure how you technically have equity? Equity is based on the difference between the value of an item and any liens, if any.

          But to answer your question, no, those rules would not apply to this situation, and even if it did, that equity would be taken by the trustee, I don't think you can homestead a real estate contract.
          Last edited by HHM; 10-13-2008, 01:50 PM.

          Comment


          • #6

            Comment


            • #7
              Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
              Status: (Auto) Discharged and Closed! 5/10
              Visit My BKForum Blog: justbroke's Blog


              I am not an attorney. Any advice provided is not legal advice.

              Comment


              • #8
                The problem here, is you defaulted on the contract. Unless it is a poorly drafted contract, I can't imagine you have much of a remedy. You already answered your question, "if I had a chance to sell the house.". well, you defaulted on the contract and the seller exercised his rights.

                The problem is, as of today, you have no asset or interest. There is nothing to include or not include in the BK. This is not a voluntary transfer on your part, so none of those avoidence sections of the BK code would apply. Furthermore, in a chatper 13, asset issues are moot point. The only real concern of the trustee is disposible income.

                Comment


                • #9
                  Wow. Thank you SO much. I really appreciate your help.

                  Are you are effectively saying that the retroactive negation of prior actions/transfers can only be for those actions initiated by the person filing BK? (Things done voluntarily done by me, versus actions by others?)

                  And I will definitely look into that "equitable right of redemption"

                  THANKS AGAIN!
                  Last edited by ignorant1; 10-13-2008, 02:12 PM.

                  Comment


                  • #10
                    For the most part...

                    There is only 2 ways a trustee, or a debtor acting as a trustee, can recapture assets for the BK estate.
                    1. Preferential transfer, you voluntarily paid a creditor in preference to other similarly situated creditors.
                    2. Fraudulent transfer, you voluntarily transferred an item of property out of your name with the intent to hinder, delay, or prevent creditors from getting at that asset.

                    Even so, let's assume you could undue the contract, for the sake of argument, it's not clear if there would be any benefit to you for doing so and doing so could materially impact your BK.

                    This was a normal-course transaction, the seller duly exercised his rights (presumably), and you defaulted.

                    Comment


                    • #11
                      I agree with you HHM that under bankruptcy law, those are the only two recourses for voiding a transfer of property.

                      I was mentioning non-bankruptcy law under the right of redemption (which differs between the States).

                      I wonder if a person could, under the non-bankruptcy right of redemption, file a Bankruptcy case, and then initiate an Adversary Proceeding to determine the applicability of the redemption and whether the Bankruptcy Estate can cure any default causes by the non-bankruptcy action.

                      Just wondering. I know... beware of wonder.
                      Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                      Status: (Auto) Discharged and Closed! 5/10
                      Visit My BKForum Blog: justbroke's Blog


                      I am not an attorney. Any advice provided is not legal advice.

                      Comment


                      • #12

                        Comment


                        • #13
                          Originally posted by ignorant1 View Post
                          Very interesting.

                          I wonder if the right of redemption is different under a Real Estate Contract versus a traditional mortgage foreclosure process? (Judicial vs. non judicial or something along those lines?)
                          I highly doubt it. It would be an odd thing indeed if a state extended the same type of redemption to a contract as a foreclosure. Again, you haven't even mentioned what state you are from, so any advice would be limited. Under the general rule, the answer to your question is no. Contract law does not provide for any right of redemption. In fact, in your case, the contract defines the rights you have, and since the contract provided for a 30 day cure right, and you didn't cure, as I said above, you probably have no remedy.
                          Last edited by HHM; 10-13-2008, 04:37 PM.

                          Comment


                          • #14
                            HHM is much more thorough than I am. I was going to write something similar, but not so detailed. The real question is whether a Contract for Deed is considered the same as a Mortgage in your State.

                            If not, then HHM again goes back to the law of contracts. You breeched the contract and didn't cure the default. If your state treats contracts for deed as non-mortgage contracts (which they probably are just "contracts"), then you have no recourse.

                            And, just because I was curious, I did a little research on this... This was from an article on Contracts for Deed and sums up what HHM is saying...

                            To the extent that the forfeiture provision is effective, the contract for deed enables the vendor to avoid the purchaser's equity of redemption, the foreclosure process, and other traditional protections afforded to debtors under the law of mortgages.
                            Hence they are considered different, but I'd still look to the underlying State non-bankruptcy law to be certain. It appears that they are treated, in most States, as Executory Contracts.
                            Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                            Status: (Auto) Discharged and Closed! 5/10
                            Visit My BKForum Blog: justbroke's Blog


                            I am not an attorney. Any advice provided is not legal advice.

                            Comment

                            Unconfigured Ad Widget

                            Collapse
                            Working...
                            X