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

[despritfreya]

Turns out we got something signed off by a BK judge. . . that basically said the motion was approved.

Ok, good. The stay has been lifted. Now, carefully read the Order. Does it mention ANYTHING about abandoning or removing the property from the estate (sometimes they do and sometimes they don't). And, if it does, what is the date that the Judge signed the Order?

Des.

[justbroke]

Des, DH was showing me some of the files the other day when I asked if we'd ever gotten anything additional to the original motion. Turns out we got something signed off by a BK judge (not the trustee) that basically said the motion was approved. So we had gotten something, just not specifically from the trustee directly.

Very nice. Maybe the light at the end of the tunnel is much brighter now!

[freeatlast09]

Ok, good. The stay has been lifted. Now, carefully read the Order. Does it mention ANYTHING about abandoning or removing the property from the estate (sometimes they do and sometimes they don't). And, if it does, what is the date that the Judge signed the Order?

Des.

Hey Des,

I thought I'd throw my info in again since our case is so similar to R2BK. In our case the judge lifted the stay for BofA approximately 1 month after discharge, but it made no mention of the estate abandoning the property. BofA also didn't make any move to foreclose after the stay was lifted. (and have not done so yet - 2 1/2 years later) I'll be interested to see if there is anything different with R2BK's documents.

[Resigned2BK]

Ah, interesting, I think I understand what you're saying, Des. I don't see language about abandonment. I'll type some bits verbatim below:

"This matter came before the Court upon The Bank ... as Trustee for the Certificateholders ... motion for relief from stay. It appears for the reasons stated in the motion that the stay should be lifted as to enforcement of the deed of trust that is the subject of The Bank ... as Trustee for the Certificateholders ... and further as to the property located at ... and legally described as set forth in the Deed of Trust attached as an exhibit to the motion.
"NOW, THEREFORE, IT IS HEREBY:
"ORDERED, that, pursuant to 11 USC 362, the automatic stay is terminated as to The Bank ... as Trustee for the Certificateholders ..., its successors and assigns, so that it may pursue its state remedies to enforce its security interest in the Property and/or as to enforcement of the deed of trust that is the subject of The Bank ... as Trustee for the Cerficateholders ... motion. Creditor, its successors and assigns, may, at its option, offer, provide and enter into any potential forbearance agreement, loan modification, refinance agreement or other loan workout/loss mitigation agreement and may contact the Debtor via telephone or written correspondence to offer such an agreement, which shall be non-recourse unless included in a reaffirmation agreement.
"IT IS FURTHER ORDERED that the order shall be effective immediately notwithstanding the provisions of FRBP 4001(a)(3) and the order shall be effective as to any chapter under which the present case may be converted absent further order of this court.
"IT IS FURTHER ORDERED that Creditor is exempt from the requirements of FRBP 3002.1 and the requirements of FRBP 3002.1 are no longer applicable to Creditor in the instant bankruptcy case." /End of Order/

The date on it is April 20, the attorney sending it from the firm representing BofA signed and mailed it April 24, the day we were discharged.

What I personally found interesting that I didn't catch the first time is that it sounds like we are allowed to apply for a loan mod with BofA if we want right now. We have the court documents stating as such. So... could that be a great way to stall the process and screw up the trustee attempts at short sale? I've always held out hope that if we can get this abandoned and BofA doesn't act right away towards foreclosure, then perhaps if I get a solid job we can apply for a loan mod and see what happens. At the least it would be a great tactic to just keep staying in the house longer.

[freeatlast09]

That's all verbatim from our case so I'm assuming that's a boilerplate order. The only item not mentioned on ours was the last line about FRBP 3002.1.

[despritfreya]

Unfortunately, no "abandonment" type language. While the lender is free to exercise its state law remedies, the property is still property of the estate. So much for that. As to the loan mod issue, I do not know if that would throw a wrench into a short sale attempt by the Trustee.

Des.

[Resigned2BK]

Our place is pending now! The price was lowered down to $170K yesterday and now it's pending. Ugh. Still don't have a solid income to show to a potential landlord, oh what fun.

[ValleYum]

Ugh, ugh ugh!!! I am so sad and mad for you, R2BK.

What I just can't believe is that BoA will agree to that price when you owed $250k +/- between your first and your Heloc PLUS pay the Trustee a carve-out fee! Is the pending period the time when they present the bank with the deal?

Please keep us all updated. Your family is in my thoughts.

[despritfreya]

Just plain sucks. On the bright side, you will not have a foreclosure on your record. Don't know how a short sale reports.

R2BK, if and when you receive the Applicaiton to Sell, can you try to post it (removing all private info)? I really would like to see how this game is played by a Trustee.

Des.

[Resigned2BK]

Sure, Des, will try to remember.

I just feel like lazing around in a deep depression, but I'm forced to keep going to look for housing.... I know there are upsides, just not in a mood to think about them right now.

[freeatlast09]

What I just can't believe is that BoA will agree to that price when you owed $250k +/- between your first and your Heloc PLUS pay the Trustee a carve-out fee!

I'm with ValleYum - That's an $80k+ hit for BofA. Stranger things have happened though so who knows. That bank does some odd things...

BTW - this is just like our case again. They lowered the price down to a level which would be huge loss for BofA and then there was an offer. The sale was marked 'pending', the agent submitted the offer information to the bank and at that point is when BofA started asking for our post-discharge financials before they could approve the short sale. I'll be very curious to see if the same nonsense comes your way. If it does, maybe you can use it as a stall tactic?

Even if this sale goes through, I do think you have quite a bit more time to save some cash and as Des pointed out - you would avoid the foreclosure on your record.

All the best.

[Resigned2BK]

The already wrote off the HELOC, so it's really just a $35K loss at this point. Also, the agent didn't lower a second time, what happened is a buyer said they will only pay $25K below the lowered price the agent had it at.

[Resigned2BK]

New update:

An inspection has been scheduled for Saturday. No bothering to ask us what is convenient for us, just bull moose a time. AND a demand that we make ourselves scarce and not be there at all the whole time. Thing is, we had a kid barfing last night in bed and one barfing in the car today while we were driving around looking at possible new accomodations, so DH emailed (they email rather than call about such an important detail) asking why we can't be there, hey we have a couple kids that are pretty sick today and might be coming down with something, we've all in the house been fighting something or another since late February when the stress of all this started to break us down. So then the tone turns from happy shiny to telling us things like "if you are there and say something is wrong or isn't wrong, they can come back and make a claim against you later" (really, lady? this is a BK discharged house) and "the buyers won't feel like it's their place if you're there" (yeah, that's because it's OURS not THEIRS) and "it might seem like an easier thing if this falls through, but then the price will drop and an investor will come in and they tend to not be so nice!" Oh, really? Like you think we're sitting here thinking this is all rainbows and kittens the whole time. Phooey.

So, anyway, after DH talked to his dad, we decided we're going to be there for at least some of the time. After all, things have to cleared out of spaces so the inspector can get to different crawl spaces and access points and we don't want these people to break something we care about because they aren't careful about moving things around. We will play dumb towards any questions about the house and neighborhood. We just don't feel like trying to waste 4-5 hours doing a mall outing or something, especially since eldest daughter has a birthday party to go to for one of her classmates later in the day anyway.

[keepsmiling]

Ahem!! BULL*&#!!!
This realtor seems to have mistaken you for a motivated seller. Damn straight you'll be there. Not to wish that anyone there actually will still be sick, but here's hoping for a few well placed barfs, sneezes, and other pleasant ways of welcoming these strangers into your home.



Good luck R2. Hope you don't really get sick.

[Resigned2BK]

Ahem!! BULL*&#!!!
This realtor seems to have mistaken you for a motivated seller. Damn straight you'll be there. Not to wish that anyone there actually will still be sick, but here's hoping for a few well placed barfs, sneezes, and other pleasant ways of welcoming these strangers into your home.

Good luck R2. Hope you don't really get sick.

Yeah, that's what I felt like too! We are NOT motivated to sell the place. In fact, the further the price goes down, the more likely BofA will never approve the offer!