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I am carrying the note on some property

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    #1

    I am carrying the note on some property

    I will soon be forced to file bk. I am carrying a note on a building lot for a young couple who make monthly payments to me. In turn, I send the monthly payments to the bank to cover the loan I have on the building lot in my name. I make no monthly profit because I have spent the down payment they gave me. The value of the property is about the same as the balance owed to the bank and owed to me by the buyer. The buyer cannot refinance at this time...
    If I file bk is this couple going to lose their property because it will be forclosed upon? Is there any consideration in bk laws that allow me to carry a note if I am not making a profit?

    thanks in advance,

    casper
    Tags: None
    #2
    Whew...that is tricky. You will need a good lawyer for this one. Do you "own" the property outright? If so it can be taken as an asset to pay your creditors. If you lent the actual money to the couple and are receiving payment then I believe that would be counted as income. You really need to talk to a few attorneys about this one. Another option may be to buy back the value of the property from the trustee.
    Just my $ .02
    Filed!!04/23/2008[X] 341 5/27/2008[X]Converted to asset case 5/26/2008 [X]
    DISCHARGE 08/12/2008[X]
    Converted to NO Asset case 12/15/2008[X]
    Closed 12/16/2008 [X]:yahoo::yahoo::yahoo:

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      #3
      Hmm. The money they give YOU would be income to YOU.

      But would you be able to counter that by the mortgage paid on a bulding that is not your primary residence?
      "Starting again is part of the plan"

      -Gloria Estefan

      Comment

        #4
        I do not own the property outright. I owe the bank about the same as the value of the property so there is no equity. My concern is that this young couple do not lose their property because a trustee cannot see that I do not make a dime and only break even each month after i pay the principal and interest payment. I got mime when I took a downpayment but I feel obligated to stay on the loan until a 5 year balloon out by the buyer, as agreed. They still have 4 years to go...

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          #5
          If you bk, the bank will find out anyway. I got my seat in a jam selling a Mortgage Deed before I realized I was going to C7. I have to pay it back to the Trustee and made an arrangement for next February when I get a pension check.

          Why can’t the new folks assume your note? Could their parents? Basically in payment in is income, the payment out would be deemed preferential payment. Possibly a reaffirmation with the bank but then you are held responsible if the young folks cannot pay you. The best thing to do is get it in their name WAY before you file. Do you have a contract for Deed with the folks? That could help you by it’s date and the Trustee MAY leave you as a pass through the funds, or do that himself you the Bank and the folks. Yes you need a lawyer on this one. ‘Hub
          Last edited by AngelinaCatHub; 07-26-2008, 06:02 AM.
          If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

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            #6
            Hub, How long di they look back to find that mortgage sale? I have made some major transactions recently and I am sure a trustee would not like some of them...

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