Re: Note Sales Are Normal

Posted by Nick(Colorado) on November 27, 2004 at 15:35:15:

In Reply to: Note Sales Are Normal posted by Keith(CA) on November 26, 2004 at 19:02:20:

Keith(CA):

>With the explanation out of the way comes the obvious question,
>was the note discharged by the bankruptcy in 2002? If so, these
>guys may just be blowing smoke trying to get your home.

Even if the note was discharged in the 2002 bankruptcy, the lien
will still be hot against the property. Only the debtor's obligation
to pay on the note, not the lien, is discharged. The lien can only
be removed from the property if the bankruptcy resulting in a
100% cram-down. This is fairly rare event.

Follow Ups:

• Thanks for the followup (I learn too)... n/t - Keith(CA) 17:47:11 11/27/04 (0)

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Comments:
: Keith(CA):

: >With the explanation out of the way comes the obvious question, 
: >was the note discharged by the bankruptcy in 2002? If so, these
: >guys may just be blowing smoke trying to get your home.

: Even if the note was discharged in the 2002 bankruptcy, the lien
: will still be hot against the property. Only the debtor's obligation
: to pay on the note, not the lien, is discharged. The lien can only
: be removed from the property if the bankruptcy resulting in a
: 100% cram-down. This is fairly rare event.


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