Bankruptcy
David Tarr:
David Tarr didn't seem to aggressive in his pitch. His wife, Pat Tarr, is a veteran of the real estate investor seminar circuit, so maybe he was just basically tagging along.
Cherry Picking in Bankruptcy, with a year of coaching $499 after $200
conference discount.
There is a Federal government system online called PACER which shows everyone who has filed a bankruptcy. It is free up until you accumulate $10 worth of charges in a calendar year, at 8c a page.
Purchase arising out of Chapter 13
Triplex
monthly income of 1.7K
Appraise 230K
Purchase price 160K
Equity 70K
Purchase arising out of Chapter 7
SFR
income 750
1st mortgage 82K
2nd 25K
short sale and note purchase of 20K for 1st and 1500 for 2nd
Repairs 10K
Appraised 90K
341 meeting is where debtor goes after filing petition to meet with Trustee
and creditors.
For Chapter 13, go back a year because that is how long it takes for the
property to become ripe.
Order for relief means that debtor is officially bankrupt, and that
generates the notice of the automatic stay. It stops the creditors in their
tracks.
You can go to the 341 meeting.
Techniques
Note purchasing
Short sale
Subject To
etc.
Who do you talk to Trustee, Debtor, Mortgage Holder. Learn to think like
each depending on the circumstances.
Daniel J. Herman
Liquidation Bankruptcy Ch 7
Reorganization Bankruptcy Ch 13 (Ch11 for business)
There is a limit to the number of times that you can file bankruptcy to put
a stay on a foreclosure. 3?
Everything owned goes into Bankruptcy estate administered by Bankruptcy
trustee.
Duplex or Triplex may not be exempt for homestead from Bankruptcy.
Also exempt: $1000 worth of stuff. $1000 equity in a car. Annuities, life
insurance, IRA, pensions etc. Wages of head of household.
Shawn Yesner
Bankruptcies have gone down.
If you start giving people in foreclosure advice then you are acting as a debt relief agency, and under the new law that could make you liable.
FL House Bill 65 will change the landscape.
Interview with Shawn Yesner from ForeclosuresDaily
He helps borrowers delay the foreclosure process as long as possible.
Florida is a judicial state. Lis pendens means litigation pending.
This is the Freddie Mac timeline.
Warning letter
Second letter after second payment missed
Notice of Default and acceleration.
If no money in 30 days, referral goes to the attorney.
Five days to file lis pendens and 30 days to serve the defendants. They can be served either personally or via a notice in the newspaper.
45 days afer completion of service to schedule the summary judgment hearing. Normally they are granted. Judge will enter an order that the borrower has to pay. 30 days after the hearing to make good or the property is sold at the judgment sale.
Lis pendens usually means that they are two to three months behind.
A defendant can file for an extension of time of twenty days. Other motions can add time as well, e.g. extension of time until sale from 30 days to 45 days.
Chapter 13 bankruptcy is the last option.
