341 and we get this so-called "diligent" trustee

[ValleYum]

Oh, R2BK, I am so sorry for you. My heart hurts reading the pain and anguish in your last post. Your whole situation just SUCKS.

Sending you a virtual hug this morning.

VY~

[Resigned2BK]

Our place was listed last Friday and a guy came out and installed the sign yesterday afternoon. Initial asking is about $30K below the value of the combined 1st and HELOC debts, but about $20K above the 1st alone if the HELOC is stripped. The trustee said he was taking the HELOC value into consideration. We have the email proof of that.

I'm so f-ing pissed to have such a shitty attorney. I'm even more f-ing pissed at myself that I was pissed at this guy last summer when he wouldn't lift a finger without charging ahead of time a load of money to go after the outright FDCPA violations we were getting from collectors, yet decided to honor my husband's attitude to keep the attorney and not go for another free consult or two with attorneys who do mainly BK. The fact that now I see that stupid sign by our driveway now is directly my fault for not listening to my mounting reservations and forcing the issue that we get proper representation. The damned firm still only has my name on the file after all this time. Even though we'd never have to file BK if DH had not made the business mistakes of the past decade that he did, my name is the sole name on their files! Like it's all my fault. Which, it is at least in deciding to stay with them.

[Resigned2BK]

Mr. Smoot seems pretty unhappy about it. I wonder if he has the cojones to take on the tt's...

Don't count on it in that firm's case. If you really look at what Smoot tends to do, he tends to represent collectors, creditors, and trustees. I looked at what these attorneys say they do, their representative cases. They don't give a crap about people in this situation. I bet more often than not, Smoot is the trustee's lawyer in cases like mine, if the trustee ever felt the need for additional representation.

[freeatlast09]

Of course, BofA just comes out with a new deal to help a million struggling homeowners mostly of Countrywide originated loans slash an average of $100K off the mortgage balance. If we only had to pay based on $155K, I think we could! Just so unfair.

I think that is the big question for me. I don't mind a TT selling a home in a case where the intention is to surrender, but if the bank is taking a big loss and paying some ridiculous carve-out fee, why not offer that same deal to the homeowners so they can keep their home? The bottom line is the same either way, right? Of course, that would require intelligence and some sort of ethics and/or human compassion and banks just don't seem to have any of those qualities, do they?

[freeatlast09]

The problem I had with Freeatlast's situation was that the Trustee's realtor, 2 years later, wanted him/her to supply financials and actively participate in the short sale.

Exactly...that was the only problem we had with the whole process. I'm in the same district as Resigned2BK and had/have the same lender (BofA) so I'm quite curious if the same "we need to see your financials" nonsense will be requested in this case.

@Resigned2BK - IMHO that real estate agent is pretty optimistic about a serious offer in 3-4 months and BofA approving a short sale in 30-60 days. Our old neighbors also had Countrywide/BofA and were doing some kind of short sale and their house has been in 'pending' status for 14 months.

BTW - our TT did give up his power trip about 9 months ago and still no foreclosure from BofA so that makes 3 years since the last payment was made on the house.

As always - best of luck to you.

[despritfreya]

I have to wonder if the way to stop this crap is to indicate that your intention is to "retain". Remember, a Statement of Intention is exactly that - what you intend to do. What you intend and what you actually do (walk away at some point) are two different things. Maybe a Trustee will leave the underwater property alone if the debtor "intends" to keep it.

In both cases that have been reported on this board the intention was to surrender. Freeatlast was out of the home. In OP’s case, at the 341 his attny said the debtors were not going to try to keep the home.

The problem I had with Freeatlast's situation was that the Trustee's realtor, 2 years later, wanted him/her to supply financials and actively participate in the short sale. A Trustee has the authority to sell property of the estate and does not need a debtor's "assistance" especially if the debtor has abandoned the property. Further, holding an estate open for such a long period of time on a whim that one can force a short sale is a violation of the Trustee’s number one duty, to quickly administer the estate. In the end, Freeatlast’s Trustee got off his power-trip and walked away.

Des.

[Resigned2BK]

Of course, BofA just comes out with a new deal to help a million struggling homeowners mostly of Countrywide originated loans slash an average of $100K off the mortgage balance. If we only had to pay based on $155K, I think we could! Just so unfair.

[keepsmiling]

Mr. Smoot seems pretty unhappy about it. I wonder if he has the cojones to take on the tt's...

[freeatlast09]

This is a good article about this by a Seattle law firm: http://www.lasher.com/news-detail/sh...-growing-trend

Made popular in Washington and coming soon to a state near you.

[ValleYum]

This is a good article about this by a Seattle law firm: http://www.lasher.com/news-detail/sh...-growing-trend

[justbroke]

I know how you feel Des. I would have loved for this to happen to me and I would spend all my waking hours challenging the Trustee's greed all the way through the BAP and District Court.

[despritfreya]

I look at it like if she knows, the trustee will have to know and if he doesn't let warranty buyer know, the buyer can sue him as he's officially the seller. Perhaps these trustees pulling this garbage can get sued several times when people buy these houses and find problems that might not be disclosed. One can only hope.

Problem with this is that the Trustee typically sells property where is/as is, without any warranty. It’s up to the buyer to do his/her due diligence and obtain an inspection and other reports. In a sense, this is no different from an investor purchasing a property at a foreclosure sale.

these. . . sales tend to get a serious offer in 2-4 months. Then the bank takes about 1-2 months after to approve the sale.

Unfortunately, six months from listing to closing does not sound unreasonable. However, if there is no viable contract by the end of the 6th month I would be filing a Motion to Abandon and let the Trustee explain why he is holding up the closing of the case with his failed efforts to sell property that is burdensome to the estate. Might not get anywhere with it but I sure would file the Motion.

As far as I am concerned, you have no duty to assist the Trustee in his efforts, other than making the property available for viewing AT YOUR CONVENIENCE - no lock box as you do not need strangers going through your home. Further, do not go out of your way to clean the place. The property’s physical condition is not your problem, it is the Trustee’s - of course, you cannot take steps to damage the property but you certainly do not have to lift a finger to repair anything either.

Can’t wait for some greedy/scummy Trustee to try this garbage in my district. Oh wait, one idiot did try. . . converted to a 13 and when client stopped paying the mortgage, stay was lifted and property lost to a foreclosure then converted bact to a 7. 7 Trustee got NOTHING. That was about two years ago. Have not had something like this come up since - but I’ll bet it’s just a matter of time.

Des.

[Resigned2BK]

Wow... this sounds like our case all over again. I wonder if BofA will try and request your current financials when they get an offer on the house like they did with us.

My apologies if you already posted this, but what do you currently owe on the mortgage? I'm curious how big of a loss the TT thinks BofA will take.

We have the 1st and HELOC ARMs that Countrywide was infamous for doing back at the hayday of it all. 1st one is about $205K, HELOC is about $50K. We're assuming the trustee will scrap the HELOC to make this happen. Weird thing was the email coming from him via our lawyer said he was considering the value of the HELOC as well.

Keepsmiling -- yeah, I definitely want to have investigative reporters go all medieval on their butts when we are through. LOL. This is just plain wrong. It goes against my understanding of the whole reason we, the USA, have a bankruptcy code in the 1st place -- to give people the chance to get out from the weight of insurmountable debt and get a fresh start. Nothing about that concept should entail making the debtor have his/her life hijacked for years before things are resolved. If you can't sell a non-exempt real property quickly at a profit to spread out to creditors, then it should not be done at all.

[keepsmiling]

I wouldn't work too hard at keeping it spiffy if I were you.
I wish we could tell these these bloodsucker Washington tt's to go
POUND SAND

seriously this needs to be on 60 minutes

[freeatlast09]

Wow... this sounds like our case all over again. I wonder if BofA will try and request your current financials when they get an offer on the house like they did with us.

My apologies if you already posted this, but what do you currently owe on the mortgage? I'm curious how big of a loss the TT thinks BofA will take.