After long consideration I decided to file for bk in the near future...
Now I just discovered that SUNTRUST/mortgage holder never recorded the mortgage lien with the clerk of courts. I refinanced in 2008-my name only on mortgage, and both, wife's name & mine on original deed from 2003 (at which time, for what it's worth, we were not married).
Ok, I also just read that Lousianna clerks are suing 16 banks (including Suntrust) for the same issue, namely accusing banks and MERSCORP of a scheme for collecting the recording fees, but thereafter never recording the note/lien. The costs to townships/ taxpayers is an estimated billion dollar just in Lousiana alone,(MERSCORP is same company was used to record 'release' on previous mortgage...apparently before this scheme was cooked up).
Since recording fees were of course part of the closing cost when I refinanced while 'digging' about more info on this whole 'deal' I found that all of this can greatly effect me in my planned chapter 7 (filing alone, without spouse), and here is apparently why (from what I read on the 'Bankruptcy Law Network' (quote) :
"You see, once a Bankruptcy Case is filed, the Automatic Stay goes into effect. Everything is frozen. Mistakes can no longer be corrected. And if the lender did not have the note or recorded assignment when the bankruptcy case was filed, it was an “unperfected lien” at the time of filing. Unperfected liens get removed in Bankruptcy. So finding the note or recording an assignment after filing will no longer fix the problem! Finding the note or or recording an assignment is now simply too late and futile. That $12 shortcut may now have cost the lender a $500,000 mortgage!The Bankruptcy Trustee now is in charge, puts his 11 USC 544 hat on, and voila, removes the mortgage! Yes, that house that once had no equity worth $450,000 with $500,000 owed on it, is now FREE AND CLEAR! He sells it, and disburses all the proceeds to the creditors"
WHAT ????....Since I intended not to reafirm, but to continue making payments that does NOT follow my plans at all !!!
*HERE IS WHERE I NEED ANY INPUT YOU CAN COME UP WITH. WHAT WOULD YOU DO ?
I don't want to move, like the place and the neighborhood and am content with mortgage payment. The house is underwater by $ 30,000 (YES, I know...yikes).
I am wondering IF a trustee indeed would sell the house (as described in the article above) I would be tempted to buy the place.
Of course since I don't have credit nor money that's out. However...would my non filing wife, (with halfway decent credit ability to finance ?), be able to buy the place from the trustee at the assessed market value ($78.000) minus any possible small leftovers after paying off creditors, or am I dreaming ?
ANY other ideas are welcome !
Now I just discovered that SUNTRUST/mortgage holder never recorded the mortgage lien with the clerk of courts. I refinanced in 2008-my name only on mortgage, and both, wife's name & mine on original deed from 2003 (at which time, for what it's worth, we were not married).
Ok, I also just read that Lousianna clerks are suing 16 banks (including Suntrust) for the same issue, namely accusing banks and MERSCORP of a scheme for collecting the recording fees, but thereafter never recording the note/lien. The costs to townships/ taxpayers is an estimated billion dollar just in Lousiana alone,(MERSCORP is same company was used to record 'release' on previous mortgage...apparently before this scheme was cooked up).
Since recording fees were of course part of the closing cost when I refinanced while 'digging' about more info on this whole 'deal' I found that all of this can greatly effect me in my planned chapter 7 (filing alone, without spouse), and here is apparently why (from what I read on the 'Bankruptcy Law Network' (quote) :
"You see, once a Bankruptcy Case is filed, the Automatic Stay goes into effect. Everything is frozen. Mistakes can no longer be corrected. And if the lender did not have the note or recorded assignment when the bankruptcy case was filed, it was an “unperfected lien” at the time of filing. Unperfected liens get removed in Bankruptcy. So finding the note or recording an assignment after filing will no longer fix the problem! Finding the note or or recording an assignment is now simply too late and futile. That $12 shortcut may now have cost the lender a $500,000 mortgage!The Bankruptcy Trustee now is in charge, puts his 11 USC 544 hat on, and voila, removes the mortgage! Yes, that house that once had no equity worth $450,000 with $500,000 owed on it, is now FREE AND CLEAR! He sells it, and disburses all the proceeds to the creditors"
WHAT ????....Since I intended not to reafirm, but to continue making payments that does NOT follow my plans at all !!!
*HERE IS WHERE I NEED ANY INPUT YOU CAN COME UP WITH. WHAT WOULD YOU DO ?
I don't want to move, like the place and the neighborhood and am content with mortgage payment. The house is underwater by $ 30,000 (YES, I know...yikes).
I am wondering IF a trustee indeed would sell the house (as described in the article above) I would be tempted to buy the place.
Of course since I don't have credit nor money that's out. However...would my non filing wife, (with halfway decent credit ability to finance ?), be able to buy the place from the trustee at the assessed market value ($78.000) minus any possible small leftovers after paying off creditors, or am I dreaming ?
ANY other ideas are welcome !
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