Do your part to help save homes across America
As you are aware, homeowners across America continue to suffer from mortgages that are under water. An example of an underwater mortgage is: Home is appraised at $300,000 but $500,000 is owed on the first mortgage and $100,000 is owed on the second.
If the bank repossessed the home, the most they could sell the house for would be $300,000. In fact, they would receive substantially less because they would absorb the cost of selling the property. Therefore, regardless of whether the home owners are living in the home or not, the bank would still lose. And for homes with a second mortgage (using the previous scenario), the second mortgage company would not receive anything. This is one reason a Strip Down or a Cram Down can be proposed and confirmed inside a Chapter 13 Plan.
For the past three years or so, I have been actively monitoring the crisis the country is currently experiencing. The first time I prepared a Chapter 13 for a bankruptcy attorney that proposed a Strip Down of the second mortgage and a Cram Down of the first mortgage was in the Southern District of Ohio. The petition was filed during the week of September 2008 when Washington Mutual Bank announced the collapse. I am happy to report that he Plan was confirmed with no appearance by the mortgage company.
Since that time I have prepared or reviewed over 50 or so different petitions in which Strip Downs and Cram Downs were considered or proposed. However, before I could write this article or begin offering teleconference training classes on this topic, I needed to put more petitions to the test.
I am very happy to report that an attorney in the Central District of California has had two Chapter 13 Plans confirmed; whereby she saved her clients thousands of dollars. Will this work in other states? Since the procedure is so new, it is impossible to know. However, I think attorneys would want to try every option possible to save their clients money and give them a fresh start by exploring the methods used in California.
In addition, this California attorney attended a Chapter 13 seminar at the California Bankruptcy Court and obtained a wealth of materials and sample pleadings that explained exactly how to propose a Chapter 13 Plan and obtain confirmation of Strip Downs and Cram Downs. This valuable information was then passed on to me to be used for training purposes.
This is WONDERFUL news. With this information, bankruptcy attorneys may be able to save their clients hundreds of thousands of dollars during this hard financial crisis the country is suffering under. Non-attorneys, such as paralegals and VBAs, should also learn this information so they can inform their attorneys and propose Cram Downs and Strip Downs for every upside down mortgage they prepare a Chapter 13 Plan for. Let us all do our part to save as many homes for Americans that we can and I want to get the information to you as quickly as possible.
ATTEND THE NEXT TELECONFERENCE
I believe the best and less costly way to provide this information is through a teleconference and distribution of the materials. Therefore, when the teleconference is over, I will provide attendees with the following:
** All materials provided by the California Bankruptcy Court regarding Strip Downs and Cram Downs that the California attorney received.
** A variety of different sample pleadings with all components (including the Order) to be used as templates for preparing the documentation required to propose a Strip Down or Cram Down.
** Letter from a Judge at the California Bankruptcy Court regarding how he handles bankruptcy cases that propose a Strip Down or Cram Down
** Case numbers of actual cases I personally worked on with this attorney. Login to PACER and review the Schedules and Plan so you will know how to duplicate the methods the attorney and I used and help your clients.
WHO SHOULD ATTEND?
Attorneys, Paralegals and VBAs
This is an advanced training course regarding Chapter 13 Plans. Attorneys are encouraged to attend so they can begin helping save their clients thousands of dollars. Also, paralegals and VBAs may also attend so they can pass the information on to the attorneys they are working with.
HOW TO ATTEND
Dates:
Several are scheduled throughout the year. For future dates, visit: http://www.713training.com/shop/cart.php?m=product_detail&p=113
Time of Teleconference (same for all dates):
8:30pm, Eastern
7:30pm, Central
6:30pm, Mountain
5:30pm, Pacific
Registration cost includes:
(1) All materials listed above, plus
(2) Personalized Certificate of Training
TO REGISTER:
http://www.713training.com/shop/cart.php?m=product_detail&p=113
or, http://www.713training.com/shop
Click on CHAPTER 13 CATEGORY
After registration, you will receive an email containing information on how to attend. At the appointment time you will call in on a toll-free number and join the meeting. You are encouraged to bring sample cases you are working on for case evaluation and review.
