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    #1

    Legalese

    I have been getting snail mail from a law office for a while now regarding a particular investment property that I own and have not paid on in about 13 months. I received another letter today which only contained a court document filed in the court of common pleas in the county in which this property is located.

    In part, it states:

    On application of the plaintiff, and for good cause shown, the real property which is subject of this action shall be and hereby is withdrawn from Sheriff's Sale scheduled for August 12, 2009.

    So far, so good...I understand English pretty well.

    On the next page:

    Now comes the Plaintiff, and moves the Court for an order to withdraw the property from Sheriff's Sale scheduled for August 12, 2009.

    For cause the Plaintiff states that it is reviewing the matter and disposition of its collateral, and therefore wishes not to execute on its judgement at this time.

    For this reason, Plaintiff respectfully requests that the Sheriff's Sale be withdrawn at this time.

    I'm not really sure what that second paragraph in bold means. Disposition of collateral? Could someone please interpret this for me? Thanks so much.
    Tags: None
    #2
    Who is the creditor/plaintiff? Possibly a second mortgage?

    Comment

      #3
      The plaintiff/creditor is the bank that holds the mortgage.

      What does "disposition of collateral" mean?

      Comment

        #4
        The are basically saying that wish to review their options of disposing your investment property. This could mean many things. They could be reviewing their options of selling the property after foreclosure, they could be assigning your debt to collector who could then foreclose, they could be planning on contacting you about a settlement, short sale, or deed in lieu. Sounds to me that they don't want to have another foreclosed property in their inventory and are looking for a quicker way to get the bad debt off of their books.
        Chapter 13 Filed (Pro Se) - 9/30/09
        Confirmation Date - 12/1/09
        Stats - $1752/month, 29/36 completed, 4% to Unsecured, Lien Stripped 2nd Mortgage

        Comment

          #5
          Thanks for the response. This information has me wondering if I should answer my phone when they call just so I know what's up. Then again, they can always send me snail mail. I guess I will eventually find out what their intention is.

          Comment

            #6
            Well clearly if you haven't paid in 13 months, they are about to get the title back thru foreclosure. They probably didn't cross the t's correctly the first time, but it is inevitable.
            7-2-2009 Filed
            8-28-09 341 Concluded, no assets
            10-28-09 DISCHARGED/CLOSED!!!!

            Comment

              #7
              A foreclosure seems plausible. I'm trying to plan carefully for BK and I need to wait at least another 120 days before I file.

              Comment

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