Thanks for the followup (I learn too)... n/t

Posted by Keith(CA) on November 27, 2004 at 17:47:11:

In Reply to: Re: Note Sales Are Normal posted by Nick(Colorado) on November 27, 2004 at 15:35:15:

: 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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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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