Trustee is employing real estate agent

[SMinGA]

Thanks for replying back. Perhaps the logic then is that since you didn't claim state/homestead exemption (and no reason for you to since there is nothing to exempt) that the trustee would only have to pay off the mortgage co & selling expenses?

The unsecured portion at $3697 would be correct based on those #s. If the house is worth $395k, then $395k is secured and anything over that is unsecured. At best the mortgage co would have to get paid $395k to sell the house, I'm not sure if the trustee can get around paying the unsecured portion. BUt its such a small amount compared to the overall.

Assuming the buyer paid all the other closing fees outside of the selling agent's 6%, that's still alot to ask for a house in today's real estate limbo. For any house right now to sell above what it was bought for 1-2 years ago is unrealistic IMO unless alot of work was done to it. Perhaps your trustee sees himself as a RE guru and thinks your neighborhood is one of the few in the country that is going up in value these days! May have been a contingency basis only, nothing to pay the agent if no sale, so no harm in the trustee trying?

[tdawg]

Thanks for replying back. Perhaps the logic then is that since you didn't claim state/homestead exemption (and no reason for you to since there is nothing to exempt) that the trustee would only have to pay off the mortgage co & selling expenses?

The unsecured portion at $3697 would be correct based on those #s. If the house is worth $395k, then $395k is secured and anything over that is unsecured. At best the mortgage co would have to get paid $395k to sell the house, I'm not sure if the trustee can get around paying the unsecured portion. BUt its such a small amount compared to the overall.

Assuming the buyer paid all the other closing fees outside of the selling agent's 6%, that's still alot to ask for a house in today's real estate limbo. For any house right now to sell above what it was bought for 1-2 years ago is unrealistic IMO unless alot of work was done to it. Perhaps your trustee sees himself as a RE guru and thinks your neighborhood is one of the few in the country that is going up in value these days! May have been a contingency basis only, nothing to pay the agent if no sale, so no harm in the trustee trying?

I'm pretty sure it is a contingency basis. Just to give you an idea, there was a house a couple blocks from mine (smaller, older) that was listed at $295,000 and took quite awhile to sell (it just sold after like 6 months). So, I would be amazed if someone would buy mine for $395,000. Since the contract with the real estate agent says he is authorized to submit offers until May 31, I wonder if the trustee will give up after that and close the case or just keep extending offers. I really need my lawyer to call me back (it's been 2 weeks since I first emailed them and NO response). I'm going to try to call them again today. My case is discharged now.

[Mensa1]

tdawg:

W/o going back and re-reading the entire thread, I don't remember what you are hoping for here as an outcome. (obviously I know you want to be done with the T'ee, that is a given, and until they say so, you are NOT DONE; understood). Are you planning on keeping your house here; not reaffirming and ride thru...? So if they do sell it they would have to pay you the equivilent of your homestead amount...? Not sure about that but it seems like it would be correct. Maybe the T'ee doesn't like ppl that attempt a ride-thru, it could be as simply as that.

Was there anything else in your case that made them think that something was up?

[tdawg]

tdawg:

W/o going back and re-reading the entire thread, I don't remember what you are hoping for here as an outcome. (obviously I know you want to be done with the T'ee, that is a given, and until they say so, you are NOT DONE; understood). Are you planning on keeping your house here; not reaffirming and ride thru...? So if they do sell it they would have to pay you the equivilent of your homestead amount...? Not sure about that but it seems like it would be correct. Maybe the T'ee doesn't like ppl that attempt a ride-thru, it could be as simply as that.

Was there anything else in your case that made them think that something was up?

Hey Mensa,

Thanks a lot for your responses. I appreciate the input. Here's some background: I was planning on doing a ride-thru. I did not reaffirm. I was laid off last October. I filed in November. I have been able to keep the mortgage current though, and have just recently (after 341) started doing a contract (temporary) job. I was above median based on my 6 month lookback period, but I qualified for a chapter 7 though.
It would seem very weird to me if the trustee simply "doesn't like people that attempt a ride-thru". He's supposed to administer the case and try to recover assets for creditors if he can. I wouldn't think his personal feelings/biases should come into play.
This whole thing just seems so weird to me. The house is definitely worth less than I owe on it, and I have kept it current. So, I don't understand how he could justify trying to sell it.
I still haven't been able to get my attorney (it's 2 weeks now since I contacted them). I'd even appreciate a letter that says, "Sorry sucker we did what we were required to do and now you're on your own" or something so I knew where I stood with the attorney.

[Mensa1]

It would seem very weird to me if the trustee simply "doesn't like people that attempt a ride-thru". He's supposed to administer the case and try to recover assets for creditors if he can. I wouldn't think his personal feelings/biases should come into play.

T'ee represents the interest of the creditors. So if he could coherse you into reaffirming the mtg/dot then he has improved the Creditors position. I'm not saying that this is it, but it is seems to be something for sure, if no equity exists. Also less than helpful that Atty hasn't returned the calls. Keep us posted as it unfolds. Hopefully all goes away as a bad dream. GL