Foreclosure and Trustee Trends

[anonymuse]

Just wondering, with all of the press on the increase in the number of foreclosures (which leads me to believe that many are also related to bk), do you think trustees lean more towards the side of the lender or the person filing for BK in situations where the equity issue is close?

[keepmine]

It depends on your definition of close.
The trustee will have the cost of a sale {real estate commission, repairs and inspections, insurance, and any applicable closing cost}. Upon the sale of the property, the mortgage is paid then, they pay you the equity that your state exempts. Anything left goes to unsecured creditors.
I've read where most trustees figure it cost 7 to 10% of the value of a home to seize it as property of the estate.

[SinkingFast]

Generally speaking, many Ch 7 Trustees simply do not wanna get involved in selling a house. Houses take the longest to sell and cost the most (roughly 10%) to sell of any asset liquidated in a BK Filing.

Ch 7 Trustees, generally speaking, like to get in, get done, and move on. They don't make the $$$/case like a Ch 13 Trustee and they handle far more cases.

If the equity value is close to the Exemption limit, the Trustee is more likely to settle with the Debtor/Filer or abandon the asset and move on.

[xuanlu425]

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