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Creditor @ 341 Hearing

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    #1

    Creditor @ 341 Hearing

    At my 341 Hearing, the case called right before me had the only Creditor show up out of about 20 cases.

    It was really strange and I have been meaning to ask all of your opinions on what she was trying to accomplish.

    A Lawyer for a fair sized Regional Bank was present as a creditor for the couple that was called right before us. The couple was abandoning their primary residence, as it had 2 mortgages on it totaling @ $230,000 and was underwater by about $60,000. (The bank held both Mortgages.)

    The Lawyer started browbeating them on not attempting everything possible, to save their residence, trying to sell it, asking for a Modification, etc. She was pretty nasty about it, everyone there was just staring at her, including all the BK lawyers in the room.

    Finally their Lawyer jumped in and asked her what she expected them to do. She "demanded" that they reaffirm. The couples Lawyer laughted and said that was impossible, they could not reaffirm both mortgages and keep up with the payments. The banks attorney then asked if they would reaffirm the first if the Second was "cancelled????" (not the word she used). They agreed to it and their lawyer told her to send him the papers.

    I just thought this was really weird.
    Filed 5/27/09
    341 7/2/09
    341 held
    Discharge and closed 9/4/09
    Tags: None
    #2
    Sounds like they hit the jackpot so to speak.
    6/30/2009 Filed Ch. 7
    10/06/2009 Discharged
    01/24/2011 Closed

    Comment

      #3
      Wow, they got the 2nd stripped and in a ch 7 (?)...they really lucked out!

      As for the creditor showing up, I'm really surprised because all I've ever read on this board is that Credit Unions tend to show up at the 341 hoping to get a reaffirmation of a car/house loan.
      May 2008 Hired 1st Attorney/Stopped paying CCs
      May 21, 2009 Retained 2nd Attorney
      May 28th - Filed for Ch 7 (FINALLY!)
      9/11/09 - DISCHARGED!!!!

      Comment

        #4
        Yes they had filed a 7 and the second Mortgage was @40000 I believe
        Filed 5/27/09
        341 7/2/09
        341 held
        Discharge and closed 9/4/09

        Comment

          #5
          Man - I am jealous.
          I have been working on my HELOC settlement for almost 3 months now.
          Chapter 7 filed 10/21/2008
          341 - 11/26 went smooth NO ASSET
          Took 115 days after 341 - But Finally DISCHARGED 3/25/09

          Comment

            #6
            Originally posted by Rick9972 View Post
            A Lawyer for a fair sized Regional Bank was present as a creditor for the couple that was called right before us. The couple was abandoning their primary residence, as it had 2 mortgages on it totaling @ $230,000 and was underwater by about $60,000. (The bank held both Mortgages.)
            Originally posted by Rick9972 View Post
            Yes they had filed a 7 and the second Mortgage was @40000 I believe
            So their still upside down by $20,000.00

            I hope their area values are on an upswing.
            No Asset 7 closed 11/09

            Comment

              #7
              That's pretty crazy... now you're making me nervous someone for my credit union is going to show up...
              BK Ch 7 Discharged 09/2009 | Anything I say can and should be used as friendly advice and sharing of experiences with an unbiased viewpoint.
              Scores: EQ 745 EX 704 TU 710 as of 08/15/2012

              Comment

                #8
                strange! when you say "fair sized regional bank", how large is that bank really?

                was the lawyer very young? was she even a lawyer or just a representative? maybe she didn't know that all she had to do was call up the couple's lawyer and ask. or did it seem like they had had contact before?

                i read somewhere, probably on this forum, that some creditors show up only because they don't know that they don't need to.
                filed ch7 May 09
                341 june 09
                discharged, closed Aug 09

                Comment

                  #9
                  Originally posted by Amy26 View Post
                  That's pretty crazy... now you're making me nervous someone for my credit union is going to show up...
                  Not to worry. It is rare and as long as you have been here (and I) this is the first I've heard of it. 'Hub
                  If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

                  Comment

                    #10
                    I can only dream that BofA shows up and offers to strip the lien on my second if I reaffirm the first!
                    Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -Rick

                    Comment

                      #11
                      At our first 341 meeting, our case file dissapeared in cyberspace, there was one creditor there for a mortgage co. he talked to seven or eight different couples during their interviews. He was also there at our second 341 doing the same thing, I think he talked to three or four couples before we were called up. He was not beating anyone up though.
                      Filed 4-5-09 CH.7
                      341- 5-28-09 continued TT had no case paperwork??????
                      341 meeting 6-18-09, Went Swell, 3 minutes
                      Discharged 7-29-09

                      Comment

                        #12
                        Originally posted by music12 View Post
                        strange! when you say "fair sized regional bank", how large is that bank really? 44 locations in 4 states

                        was the lawyer very young? was she even a lawyer or just a representative? maybe she didn't know that all she had to do was call up the couple's lawyer and ask. or did it seem like they had had contact before? Not sure, assume lawyer but could have been either. The couples attorney was as surprised as anyone.
                        i read somewhere, probably on this forum, that some creditors show up only because they don't know that they don't need to.

                        I have thought about it, and I really think that the bank had decided to strip the second lien and just wanted to get their "pound" of flesh in public.
                        Filed 5/27/09
                        341 7/2/09
                        341 held
                        Discharge and closed 9/4/09

                        Comment

                          #13
                          Originally posted by Rick9972 View Post
                          I have thought about it, and I really think that the bank had decided to strip the second lien and just wanted to get their "pound" of flesh in public.

                          This economic downturn has created an excess of attorneys. I suspect this Clarence Darrow-wannabe was auditioning for the Trustee.
                          Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -Rick

                          Comment

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